Saudi Stocks Cap Worst Month in Seven Years as Oil Resumes Slide - Bloomberg Business

Saudi Stocks Cap Worst Month in Seven Years as Oil Resumes Slide - Bloomberg Business:



"Saudi Arabian stocks fell in the worst month in almost seven years after Brent crude resumed its decline.



The Tadawul All Share Index fell 2.2 percent on Monday, the most among the Middle East’s major equity gauges, to 7,522.47. That extends the Tadawul’s drop to 17 percent in August, the most in a month since October 2008, according to data compiled by Bloomberg. Brent, the benchmark for half the world’s oil, headed for its fourth monthly decline.



Saudi Arabia’s index is the worst-performing in the world this month after the Athens Stock Exchange General Index, following a slump in the price of oil, which accounts for about 90 percent of the country’s income. The government is already reviewing capital spending plans for next year, and may delay or downsize some infrastructure projects to save money, according to two people familiar with the matter."



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