Saudi Arabia’s stock market fell sharply

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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Saudi’s index slumped 2.5 percent, with Seera Group dropping 4.7 percent after the travel operator posted a 40 percent drop in its first-quarter net profit, citing competitive pricing and higher costs.

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.

Last week, Saudi local investors were the net sellers of stocks, representing 85.8 percent of total selling activity, according to the stock exchange.

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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