MIDEAST STOCKS-Saudi stocks plunge 7 pct on Khashoggi fallout; biggest drop since 2014 | Reuters:
Saudi Arabia’s stock market plunged on Sunday as investors worried about deteriorating relations with the international community after the disappearance of Saudi journalist Jamal Khashoggi.
After nearly two hours of trade the index was down 7.0 percent, its biggest drop since December 2014, when oil prices were crashing. Shares in the region’s biggest petrochemical producer, Saudi Basic Industries, tumbled 7.9 percent.
“It’s the political environment. The market is reacting negatively to sentiment around the Khashoggi case and the political noise around it,” said Salah Shamma, head of investment for the region at Franklin Templeton Emerging Markets Equity, a big global fund manager.
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