|10-16-2014, 12:02 AM||#1|
Saudi Arabia`s Tadawul slips to lowest since July
Tadawul, Saudi Arabia’s main stock index fell for the second straight session on Wednesday, marking an 8% loss since the start of the week amid fears of slowing global growth.
The Tadawul All Share Index fell 2.7% to 9903 points, the lowest level since July.
The index’s main drag was Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical manufacturer with a 3.2% decline.
Amid prospects of lower demand in 2014 and 2015, and rising supplies from most major producers in the world, oil is well into its bear market. Brent crude fell $84.16 per barrel earlier today, the lowest in four years.
With oil prices that low, Saudi Arabia is very close to budget-deficit territory, which would also mean that spending plans will have to be revised by the government.
Also, investors in the Gulf are not only concerned about oil, but also over a slowdown in China’s economy, which puts a greater weight on petrochemical companies in Saudi Arabia and the region.
Fears over global growth have sent most European benchmarks and U.S. benchmarks into negative territory for the year, which then triggered a sell-off in Middle Eastern stock markets this week.
Although corporate performance is strong, and economic growth is over-performing most emerging as well as developed markets, declining investors sentiment could bring back uncertainty into the region.
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