Shares in the energy-dependent Gulf plunged to multi-year lows on Sunday after OPEC and its allies failed to clinch a deal on production cuts to support prices that have been hit by the novel coronavirus.
The Saudi stock market, the largest in the region, dived by 7.7 per cent minutes from the opening bell after oil prices closed near a four-year low on Friday.
Shares in oil giant Saudi Aramco dropped below their IPO price of 32 riyals (USD 8.5) for the first time, losing some 6.0 per cent to 31.98 riyals.
The world’s biggest company launched on the bourse to much fanfare in December in a record-breaking initial public offering, but since then, its value has slipped from USD 1.71 trillion to USD 1.65 trillion.
The slide on the Saudi market also came amid accounts of high level arrests among the ruling family.
