Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of...
DUBAI/RIYADH - Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output.
The drone attacks were carried out by Yemen’s Houthi group, its military spokesman said on Al Masirah TV.At 0914 GMT, the Saudi market was down 1.3%. The index has lost all its gains this year and is down about 18% from its 2019 high of 9,403 points seen in early May. Aramco has agreed to buy a 70% stake in SABIC from the state Public Investment Fund in a $69.1 billion deal that is awaiting regulatory approvals.
Other Gulf markets also reacted negatively to the attacks, with Kuwait’s premier index down 0.4% and Dubai stocks falling 0.5%, although they recovered from sharper intraday losses.
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