Published On: Tue, Dec 29th, 2015

Saudi shares fall after kingdom announces record deficit

US Defense Secretary Chuck Hagel Embarks On Trip To Middle East


The Tadawul All-Shares Index (TASI) fell by 3.1 percent minutes after opening but recovered slightly to close down 0.9 percent at 6, 930.60 points. TASI and other Gulf bourses have witnessed sharp volatility throughout 2015 mainly due to the slump in oil prices that led to spending cuts by regional governments and hit corporate profits. Saudi Arabia said on Monday it posted a deficit of $98 billion (89 billion euros) in 2015 after a steep decline in oil revenues.

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