Saudi stock market has crashed

  • 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

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%.

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www.bloomberg.com/news/articles/2020-05-03/saudi-stocks-slump-as-minister-warns-of-painful-measures-ahead