MIDEAST STOCKS-Saudi index drops below 200-day average amid emerging markets sell-off | Reuters:
Saudi Arabia’s main stock index fell below major technical support for the first time this year on Wednesday, leading declines in Middle East stocks as the region was swept up in a broader emerging markets sell-off.
Investor sentiment was gloomy across emerging markets, with the MSCI emerging market index down 1.3 percent as a result of worries about a potential escalation in the U.S.-China trade conflict and the health of emerging markets such as Turkey and Argentina.
Saudi Arabia’s stock index dropped 3.9 percent in late trade, falling below its 200-day average for the first time this year. The index closed 3.1 percent down.
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