Saudi Arabia’s stock market fell sharply to hit a near eight month low on Monday, as oil prices weighed on its financial and petrochemical shares, while other major Gulf markets slid in early trading.
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Oil prices tumbled after President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies.
Yanbu National Petrochemicals and Advanced Petrochemicals fell 3.4 percent and 3.7 percent, receptively.
Saudi Arabia’s index added 1.3 percent last week as it saw a second tranche of stocks included in the FTSE Russell emerging market index, Al Mal Capital said in a note.
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