Saudi Arabian Shares Drop Most in 10 Months After Oil Tumbles
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Shares in Saudi Arabia, OPEC’s biggest oil producer, slumped the most in 10 months after crude fell to the lowest since October as employment reports in the U.S. and Europe signalled fuel demand may tumble.
Al Rajhi Bank, the kingdom’s largest bank by market value, retreated to the lowest since January and Saudi Basic Industries Corp., the world’s biggest petrochemical maker known as Sabic, slid 3.7 percent. The Tadawul All Share Index tumbled 4.2 percent, the biggest drop since Aug. 6, to 6,681.18 at the close in Riyadh. The measure lost 7.7 percent in May, the biggest monthly decline in two years.