Saudi stocks edges down on petrochemicals at early trade

By Yomna Yasser On Mar 29, 2016

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