MIDEAST STOCKS-Equity markets plunge after OPEC deal collapses - Reuters:
Stock markets in the Middle East fell sharply on Sunday,
with Saudi Arabia's index hitting a more than three-year low, after the
Organization of the Petroleum Exporting Countries' (OPEC) pact with Russia to
curb oil output fell apart on Friday.
A three-year pact between OPEC and Russia ended in acrimony after Moscow
refused to support deeper oil cuts to cope with the outbreak of coronavirus and
OPEC responded by removing all limits on its own production.
The collapse of the deal sent Brent futures tumbling 9.4%, the
biggest daily percentage fall since December 2008, to settle at $45.27 a barrel.
Saudi Arabia's index closed down 8.32% at its lowest since November 2017,
with most of its constituents trading in the red.
State-owned Saudi Aramco tumbled 9.1%, its sharpest percentage
fall in a day, to 30 riyals ($8.00). The stock traded below its initial public
offering price of 32 riyals for the first time.
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