Saudi Arabian stocks slipped into bear market territory, just as investors await the initial public offering of Aramco, the most important share sale in the country’s history.
The Tadawul All Share Index declined 1.6% on Tuesday, losing more than 20% from a recent high in early May. The market’s pull-back over the past few months was fueled in part by an increase in geopolitical risk after attacks on giant oil producer Saudi Aramco’s facilities in September.
