October 11, 2018 / 7:36 AM / 2 months ago

MIDEAST STOCKS-Saudi stock index tumbles over 3 pct as petchems slide

DUBAI, Oct 11 (Reuters) - Saudi Arabia’s stock index tumbled more than 3 percent in early trade on Thursday, led by petrochemicals and blue-chip banks.

The index was down 3.1 percent at 7,594 points after 25 minutes, confirming a break below the 200-day average, now at 7,871 points — a negative technical signal.

Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and National Commercial Bank sank 3.6 percent. (Reporting by Andrew Torchia)

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