Saudi Stocks Drop as World's Biggest Oil Exporter Cuts Subsidies
- Sabic is the biggest contributor to the slide in Saudi stocks
- Petrochemical index declines to lowest level since July 2009
Saudi Arabia's Economic Policy Shakeup
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Saudi Arabian stocks declined after the kingdom announced one of its biggest shakeups in economic policy.
The Tadawul All Share Index sank 0.9 percent at the close as the gauge of petrochemical companies slid to the lowest level since July 2009. The kingdom reduced energy subsidies and intends to cut spending in 2016 to 840 billion riyals ($224 billion) from 975 billion riyals this year.