MIDEAST STOCKS-Saudi leads Gulf lower after govt. triples VAT rate - Agricultural Commodities - Reuters:
Gulf stock markets lost ground in early trade on Monday, with Saudi Arabia’s index falling the most after the kingdom said it will triple its value-added tax rate and suspend a cost of living allowance for state employees to shore up its finances.
The austerity measures are being introduced as the world’s largest oil exporter suffers from slumping oil prices, while at the same time fighting the new coronavirus outbreak.
Oil revenues in the first three months of the year fell 24% from a year earlier to $34 billion, pulling total revenues down 22%.
Saudi Arabia’s benchmark index declined 2.8%, dragged down by a 3.2% drop in Al Rajhi Bank and a 1.9% fall in oil giant Saudi Aramco.
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