World Economy

Saudi Stocks Tumble

Saudi Stocks TumbleSaudi Stocks Tumble

Saudi share prices tumbled on Thursday to finish off a difficult week marked by volatile oil prices and world stock markets falling on fears of a weaker economy and global insecurity, Arab News reported. The Tadawul All-Share Index fell 355.46 points or 3.59 percent to close at 9,547.54. Some analysts believe that Saudi Arabia’s drop was magnified by investors selling to prepare for the National Commercial Bank’s SR22.5b ($5.9b) initial public offer of shares. What made things even more concerning in the local market are the mixed views of investors and traders on the marketability of the NCB’s IPO in view of the big controversy of its Shariah-compliant status.