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%.