Saudi Arabia's bourse made its largest one-day drop in 11 weeks on Monday as slumping oil prices and jittery global markets spurred nervy investors to cut risk.
Most other Gulf markets also fell as sentiment in the world's top oil exporting region faltered.
Saudi's index dropped 1 percent to a six-week low in its largest one-day loss since July 9 as the heavyweight
petrochemical and banking sectors headed declines. Saudi Basic Industries Corp (SABIC), the world's
largest chemicals producer, shed 1.6 percent. Samba Financial Group and Al-Rajhi Bank fell 2 and 0.7
percent respectively.
"Today's sell-off is in line with what's happening in U.S. markets - you've (also) seen oil prices come off and some of this selling is in reaction to that," said Asim Bukhtiar, head of research at Riyad Capital.
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