ICEC

Saudi stocks edges down on petrochemicals at early trade

Saudi Arabia stock market was pulled down by petrochemical shares after Brent crude oil fell back below $40 a barrel.

Saudi Arabia’s index fell 0.4 percent as petrochemical heavyweight Saudi Basic Industries lost 1.6 percent.

Central bank data released on Tuesday showed Saudi Arabia’s broad M3 money supply shrank from a year earlier in February for the first time since at least 2004 – a fresh signal that the economy is slowing considerably because of low oil prices and government austerity measures.

Source: Reuters

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