Saudi Stocks Slump as Minister Warns of ‘Painful’ Measures Ahead
- Riyadh’s Tadawul All Share Index ends the day down 7.4%
- Equity gauges in the U.A.E, Kuwait, Qatar and Egypt also drop
This article is for subscribers only.
Saudi Arabian stocks dropped the most in almost eight weeks after the kingdom’s finance minister said “painful” measures -- including deep spending cuts -- were needed to respond to the coronavirus crisis and crash in oil prices.
The Tadawul All Share Index closed down 7.4%, the most since March 9. Oil giant Saudi Aramco retreated 5.2% to 30 riyals per share, while major lenders including Al Rajhi Bank, National Commercial Bank and Saudi British Bank plunged at least 6.7%.