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Saudi stocks plunge after attack on oil plants

Reuters | Published: September 15, 2019 14:02:39 | Updated: September 28, 2019 11:03:27


An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016 — Reuters/Files

Saudi stocks .TASI opened 2.3 per cent lower on Sunday, reacting to news of attack on two plants at the heart of the kingdom’s oil industry on Saturday, knocking out more than half Saudi output.

Other Gulf markets also reacted negatively to the attack with Kuwait’s premier index .BKP down 1.1 per cent and Dubai stocks .DFMGI falling 0.8 per cent.

Saudi Basic Industries, the kingdom’s biggest petrochemicals firm, plunged 3.5 per cent after it said it had curtailed feedback supplies by about 49 per cent, following the attack.

The drone attacks were claimed by Yemen’s Houthi group, the group’s military spokesman said on Al Masirah TV.

 

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