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Saudi bourse hits 18-month low on concerns around oil, global economy

Dec 5 (Reuters) – Most stock markets in the Gulf ended lower on Monday, with the Saudi index hitting its lowest in over 18 months, as OPEC+ kept output steady, while traders await the Federal Reserve meeting next week.

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply.

Saudi Arabia’s benchmark index (.TASI) tumbled 2.8%, touching its lowest since May 2021, dragged down by a 3.8% fall in Al Rajhi Bank (1120.SE) and a 1.8% decrease in Retal Urban Development Co (4322.SE).

The Saudi bourse declined as concerns around oil markets and the global economy continue to affect traders’ expectations, Fadi Reyad, Chief Market Analyst at, said.

“However, the market could find some support as the local economy continues to see a strong performance.”

Saudi Arabia’s non-oil business activity…

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