Saudi Arabia's benchmark slumps to a fresh 10-week low as investors fret that a gloomier outlook for the global economy will lead to lower oil receipts for the world's top crude exporter.
The International Monetary Fund cut its growth forecasts for the second time in six months on Tuesday, warning the global economic slowdown was worsening.
"This will obviously put some pressure on the petrochemical sector," says Farouk Miah, head of research at NCB Capital. "Fundamentally there are concerns and added to that are the geopolitical issues that are continuing in the region."
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