Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output.
Sunday’s decline extended a losing spree for Saudi stocks, which in recent weeks have been hit by expensive valuations, weak oil prices and concerns about the economic outlook.
The Saudi market was down 1.3%. The index has lost all its gains this year and is down about 18% from its 2019 high of 9,403 points seen in early May.
Other Gulf markets also reacted negatively to the attacks, with Kuwait’s premier index .BKP down 0.4% and Dubai stocks .DFMGI falling 0.5%, although they recovered from sharper intraday losses.
The attacks come at a bad time for Saudi Arabia, which is preparing for the listing of oil giant Saudi Aramco on the Tadawul bourse in Riyadh later this year.