MIDEAST STOCKS-Major Gulf stocks slide as U.S.-China trade tensions simmer - Agricultural Commodities - Reuters:
Most major bourses in the Gulf fell sharply on Sunday with Saudi Arabia falling the most, mirroring Friday’s slide in global shares after President Donald Trump’s revived threat of new U.S. tariffs against China dampened risk appetite.
Trump’s threat to impose new tariffs in retaliation for China’s handling of the novel coronavirus outbreak soured investor sentiment.
Saudi Arabia’s benchmark index sank 5.7%, dragged down by a 5.6% slide in Al Rajhi Bank and a 5.7% fall in oil giant Saudi Aramco.
Amongst others, Saudi Electricity Company retreated 4.3% as quarterly loss widened.
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