It’s How Saudis Cope With Oil Below $50 That Spurs Stocks: ChartBy
Stock investors are more interested in how the world’s biggest crude exporter is handling its finances with oil below $50 a barrel than the daily rise and fall of the commodity’s price, Shiv Prakash, a senior research analyst at NBAD Securities LLC, said in an e-mailed note this week. The Tadawul All Share Index has declined about 10 percent this year as the kingdom, which may cancel more than $20 billion of projects, seeks to boost non-oil revenue and cut spending, while oil prices jumped almost 30 percent. The nation has the biggest budget deficit among the world’s biggest 20 economies.
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