MIDEAST STOCKS- #Saudi index sees biggest daily fall in nearly two months - Reuters

MIDEAST STOCKS-Saudi index sees biggest daily fall in nearly two months - Reuters:

Saudi Arabia's stock market fell sharply
on Sunday, snapping three sessions of gains as the prospect of
more stringent measures to cope with the coronavirus and Moody's
downgrading of the kingdom's outlook soured investor sentiment.

The kingdom's finance minister on Saturday said the country
will take strict and painful measures to deal with the economic
impact of the coronavirus pandemic and "all options for dealing
with the crisis are open."

One measure would be to slow down government projects,
including mega-projects, to reduce spending, he said.

Saudi Arabia's benchmark index plunged 5.7%, its
biggest intraday fall since March 09, weighed down by an 8% drop
in Al Rajhi Bank and a 5.2% fall in oil giant Saudi
Aramco.

Moody's Investors Service cut Saudi Arabia's outlook to
"negative" from "stable" on Friday, citing higher fiscal risks
due to the crash in oil prices, and uncertainty about the
government's ability to offset revenue losses and stabilize its
debt in the medium term.