MIDEAST STOCKS-Saudi stock index tumbles over 3 pct as petchems slide | Reuters

MIDEAST STOCKS-Saudi stock index tumbles over 3 pct as petchems slide | Reuters:

Saudi Arabia’s stock index tumbled more than 3 percent in early trade on Thursday, led by petrochemicals and blue-chip banks.

The index was down 3.1 percent at 7,594 points after 25 minutes, confirming a break below the 200-day average, now at 7,871 points — a negative technical signal.

Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and National Commercial Bank sank 3.6 percent.