MIDEAST STOCKS-Most Gulf stocks fall on sharp economic downturn warning - Agricultural Commodities - Reuters:
Most Gulf indexes slipped on Wednesday due to a warning that the global economic downturn could be at its worst since the Great Depression of the 1930s, underlining the economic damage already done by COVID-19.
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity, the International Monetary Fund said on Tuesday.
Saudi Arabia’s benchmark index fell 0.2%, hurt by a 1.2% drop in oil giant Saudi Aramco.
The world’s largest oil producer is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources. Shares of SABIC were up 0.1%.
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