Saudi bourse plummets after government comments on Iraq
The Riyadh-based Saudi Stock Exchange saw its market index TASI closing two per cent lower at 9,523.18 points on Monday, June 16.
Earlier in the day, the government said it disagrees with the statements by the Iraqi government and other nations (such as Iran) that a foreign intervention was necessary in order to halt radical ISIS forces, which had captured the northern city of Mosul. Riyadh, instead, called upon Iraq to form a government based on “national consensus”.
Market bellwether SABIC dipped 0.71 per cent to SAR114.25. Umm Al-Qura Cement Company gained the most, finishing 9.92 per cent higher at SAR13.30. Only eight shares advanced, while 147 declined in value.