Saudi stocks take 5-year record fall after US tariffs: state media
The Saudi stock exchange was down 6.78 percent on Sunday, the worst daily loss since the Covid-19 pandemic according to state media, after sweeping US trade tariffs sent global markets tumbling.
President Donald Trump's tariff offensive unleashed this week has sparked a global stock market rout, also raising fears of a general trade war and recession.
In Saudi Arabia, the state-run Al-Ekhbariya television channel reported online that 'the Saudi stock index closed trading down (nearly) 7%, losing more than 800 points' on Sunday.
The network called it 'the largest daily loss in five years' since the early days of the Covid-19 pandemic, with dozens of Saudi companies including oil giant Aramco in the red.
'Trump's tariffs weighed heavily on global markets, and specifically today on Saudi markets,' Al-Ekhbariya reported.
The utilities sector was down 8.4 percent, banking 6.9 percent, telecommunications 5.9 percent and energy 5.29 percent, it added. Shares in Saudi Aramco -- the crown jewel of the kingdom's economy -- fell 6.2%.
State-run financial newspaper Al-Eqtisadiah said that 'the Saudi stock market lost more than half a trillion riyals (about $133 billion) in market value during Sunday's trading'.
A large portion of the losses was attributed to Aramco shares, with the energy giant's market value falling by 'more than 340 billion riyals', according to Al-Eqtisadiah.
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs affecting US allies and rivals alike.
According to official news agencies, Kuwait's primary index fell 5.7%, the Qatari stock exchange was down 4.2%, and in Oman, the Muscat stock market closed with a 2.6% decline.
There was no trade in Abu Dhabi and Dubai, as the United Arab Emirates now has a Western-style Saturday-Sunday weekend.
Under Trump's policy, goods from Saudi Arabia, Kuwait, Qatar, Oman and the United Arab Emirates will be subject to a 10% 'baseline' tariff.
The uncertainty over trade and manufacturing has helped to fuel a days-long panic in global markets. Stock exchanges in Europe and Asia closed at a loss on Friday, and analysts expect further declines when they reopen on Monday.
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