Saudi Stocks Drop Most in World After Kingdom Cuts Pay, Bonuses
Hotel index slumped 9.6 percent, the most since November 2008
Saudi government scraps bonuses and cuts ministers’ salaries
Filipe Pacheco and Balquees Basalom
Updated on
Saudi Arabian stocks fell more than any other market in the world as the kingdom announced measures to cut the budget deficit that are likely to damp consumer spending.
Not a single stock rose on the Tadawul All Share Index, which retreated 3.8 percent on Tuesday, the most since January. The hotel and media indexes were the biggest decliners on a percentage basis, while Al Rajhi Bank was the largest contributor to the main gauge’s loss.
