MIDEAST STOCKS-Oil tumble hits Saudi, MSCI snub hurts Qatar | Reuters:
Saudi Arabia’s stock market fell sharply on Wednesday as tumbling oil prices provoked broad selling of blue chips, while Qatar dived after MSCI excluded two of its major stocks in a semi-annual index review.
The Saudi index slid 1.2 percent to its lowest close in nearly three weeks after oil plunged roughly 7 percent overnight.
All 14 petrochemical stocks declined, with the biggest, Saudi Basic Industries, losing 1.8 percent. Eleven of 12 banking stocks also dropped as the largest, National Commercial Bank, declined 2.4 percent.
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