Saudi Aramco Loses Nearly $90bn in Value as Tariffs Rattle Middle East

RIYADH (WSJ) - Last week’s plunge in oil prices rippled through Middle Eastern markets Sunday, sending benchmark indexes in the region sinking and shaving off more than $88 billion from the world’s biggest oil producer Saudi Aramco.

Most stock exchanges in the region operate Sunday to Thursday, meaning some of the moves are the result of investors playing catch-up on Friday’s market mayhem. Still, the selloff underscores how anxieties about the risks of a recession and a global trade war are from over. This evening, U.S. stock futures will begin trading at 6 p.m. ET, offering a fresh look about how investors are feeling about a new week.
Persian Gulf bourses experienced a downturn as fresh U.S. tariffs dampened investor confidence across the region, leading to widespread sell-offs in line with last week’s global market slump.
Saudi Arabia’s benchmark Tadawul All Share Index experienced a significant drop of 6.78 percent during Sunday’s trading session, losing 805.46 points to close at 11,077.19. This marks its steepest single-day decline in months. The total trading volume for the index reached SR8.43 billion ($2.24 billion), with only one stock advancing and 252 retreating.
The worst performer of the day on the main market was Methanol Chemicals Co., whose share price fell by 10 percent to SR12.06, while the only positive performer stock was Nama Chemicals Co. with its share price surging by 0.5 percent to SR30.45.