Saudi Arabia’s benchmark stock index headed for the lowest close in four months amid speculation over the king’s health after he underwent back surgery, which the government said was successful.
Al Rajhi Bank (RJHI), the country’s biggest publicly traded lender, fell 1.8 percent to 68 riyals. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker by market value, dropped 1.7 percent to 88.50 riyals. The Tadawul All Share Index slumped 1.7 percent to 6,652.73, set for the lowest since July 23, at 2:24 p.m. in Riyadh.
“Currently the rumor mill is recycling old stories about the king’s health,” Julian Bruce, the Dubai-based head of institutional trading at EFG-Hermes Holding SAE, said by e-mail. “All completely unsubstantiated, but it seems to have been enough to cause sellers to engage.”
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