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Tuesday, 27 September 2016

Saudi stocks sink to 7-month low amid fresh wave of austerity — FT.com

Saudi stocks sink to 7-month low amid fresh wave of austerity — FT.com:

"The kingdom’s stock exchange has fallen to its lowest level since February today as investors took a dim view of the central bank’s latest move to support its banks and news of a fresh round of austerity in the public sector.

Saudi’s Tadawul bourse is down 3.5 per cent today – dropping to its lowest level since global markets went into a tailspin back in February.

The drop comes after the Saudi Monetary Authority (SAMA) unveiled plans to inject 20bn riyals ($5.3 billion) into its banking system – a decision which analysts at Bank of America Merrill Lynch think will help reduce the strain on domestic banks, which have been reeling from the effects of low global oil prices."



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