Saudi Banking Stocks Cheaper Than Ever as Pressure Mounts: Chart

Saudi banking stocks have never been this cheap. The price-to-book ratio for a stock index comprised of 12 lenders sank to 1.016 on Sunday, the lowest level since Bloomberg started tracking the data in 2006, with nine of its members trading below their asset value. Banks have been under increased pressure after the kingdom, which scrapped bonuses and allowances of many state employees, ordered them to reschedule consumer loans this month.

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