Saudi shares slumped at the start of trading Sunday, the first session after drone attacks on two major oil facilities knocked out more than half the OPEC kingpin’s production.
The Tadawul All-Shares Index, which tracks the Arab world’s largest capital market, sank three per cent, shedding some 200 points in the first few minutes before regaining some of the losses.The key energy sector plunged 4.7 per cent, while the telecom and banking sectors each slid three per cent.The market was also affected by an announcement from the Saudi Basic Industries Co., one of the world’s largest petrochemicals producers, that the industry faced a shortage of raw materials.
The Abqaiq plant handles some seven million bpd of crude oil and billions of cubic feet of natural gas. State-owned energy giant Aramco in March acquired 70 per cent of SABIC, the largest capitalised firm on the Saudi market, for $69.1 billion.
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