Saudi stocks plunge after weekend attack on oil plants
DUBAI - Saudi stocks .TASI plunged 2.3% as the market opened on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output.
Sunday’s decline extended a losing spree for Saudi stocks, which in recent weeks have been hit by expensive valuations, weak oil prices and concerns about the economic outlook. The index has lost all its gains this year and is down about 18% from its 2019 high of 9,403 points seen in early May.The index’s earlier gains were fueled by Saudi Arabia’s entry into the MSCI and FTSE Russell’s emerging market indices.
“The market was expensive versus the region and other emerging markets, plus second-quarter earnings were not good.”
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