#Saudi Stocks Drop as Tensions Surge After Aramco Drone Attacks - Bloomberg

Saudi Stocks Drop as Tensions Surge After Aramco Drone Attacks - Bloomberg:

Saudi Arabian stocks declined the most in the Middle East after drone strikes highlighted the vulnerability of the kingdom’s oil facilities to terror attacks.

The Tadawul All Share Index fell as much as 3.1%, led by Al Rajhi Bank and Saudi Basic Industries Corp.. The drop erased this year’s gain and lowered the gauge’s valuation to the weakest since March, before the kingdom’s stocks were included in MSCI Inc.’s emerging-market gauge. Equities in the United Arab Emirates, Qatar, Kuwait and Bahrain retreated at least 0.3%.

This is a “very tense situation,” elevating risk in the region “to unprecedented levels,” said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital in Abu Dhabi.