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Saudi Stocks Enter Bear Market Just as Aramco’s Giant IPO Nears

  • Main index is down more than 20% from a peak reached in May
  • Banks have been the biggest drag on the Tadawul benchmark
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Saudi Aramco Gets the Green Light for World's Biggest IPO
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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.