Mideast Stocks: Saudi banks plunge on tax payments, Wall Street's decline weighs on Gulf | ZAWYA MENA Edition:
Saudi shares fell sharply on Sunday, with banking shares dropping after lenders said they had reached a deal with Islamic tax authorities to resolve a dispute over increased liabilities that would still result in big one-off payments.
Sentiment across Gulf markets was hurt by the plunge in Wall Street stocks on Friday as the threat of a U.S. government shutdown weighed on global markets.
The Saudi index opened more than 2 percent lower, At 0731 GMT, it was trading 1.6 percent down.
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