Middle East Stock Exchange News for Feb. 9, 2020 - Bloomberg:
Saudi Aramco shares dropped for a fourth day, edging closer to the price they were listed at in December as the coronavirus reduces demand for oil.
The giant oil producer lost as much as 1.8% and was among the main contributors to the decline of the Tadawul All Shares Index in Riyadh.
“Aramco has direct implications with Chinese oil demand, both in price and volume terms,” said Vrajesh Bhandari, the senior portfolio manager at Al Mal Capital in Dubai.
The shares have still performed well relative to crude prices, he said. While Brent has slumped 17% this year, Aramco is down 6.2%.
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