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Saudi, Gulf stocks fall after attack on Aramco oil plants

Added 09-15-19 06:03:02am EST - “Saudi stocks plunged 2.3% as the market opened on Sunday, after attacks on two p...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Saudi, Gulf stocks fall after attack on Aramco oil plants”. Below is an excerpt from the article.

DUBAI (Reuters) - Saudi stocks plunged 2.3% as the market opened 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 drone attacks were carried out by Yemen’s Houthi group, its military spokesman said on Al Masirah TV.

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.

The index’s earlier gains were fueled by Saudi Arabia’s entry into the MSCI and FTSE Russell’s emerging market indices.

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