#Saudi Stocks Fall Most Since October as Iran Tensions Increase - Bloomberg

Saudi Stocks Fall Most Since October as Iran Tensions Increase - Bloomberg:

Stocks slumped across the Gulf, with Saudi Arabia’s benchmark index dropping the most since the Khashoggi crisis, after the kingdom said two oil tankers were damaged in a “sabotage attack” on Sunday. The heightened geopolitical tension added to an already bad day across global markets.

Gauges in Riyadh, Dubai, Abu Dhabi and Doha were among Monday’s biggest losers globally. News of the incident led to increased trading volatility as the U.S. ratcheted up pressure on Iran, with investors also trying to price in a potential full-blown trade war between the U.S. and China. Turkey’s benchmark index also lost about 3%.

Saudi Arabia’s Tadawul All Share Index closed 3.6 percent lower, the steepest drop since the crisis triggered by the killing of journalist Jamal Khashoggi in October. Not even a pending announcement by index compiler MSCI Inc., which will say which stocks it will upgrade to its main emerging-market index after U.S. markets close, was enough to pump trading and help the index recover.