MIDEAST STOCKS-Dubai hits near 3-year low, weak oil prices weigh on Gulf | Reuters:
Saudi Arabia’s stock market slid on Wednesday, as falling oil prices weighed on its banks and petrochemical stocks, while Dubai fell to its lowest in nearly three years, hurt by a drop in property stocks.
Oil prices fell 2 percent overnight, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.
The Saudi Arabian index lost 0.7 percent, with Al Rajhi Bank falling 0.5 percent and top petrochemical producer Saudi Basic Industries Corporation (SABIC) shedding 0.7 percent.
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