INSUBCONTINENT EXCLUSIVE:
The Tadawul All-Shares Index sank 3 per cent.Saudi shares slumped at the start of trading Sunday, the first session after drone attacks on
two major oil facilities knocked out more than half the OPEC kingpin's production.The Tadawul All-Shares Index, which tracks the Arab
world's largest capital market, sank three per cent, shedding some 200 points in the first few minutes before regaining some of the
losses.Just under one hour into the session, TASI was down 1.50 per cent at 7,715 points.The key energy sector plunged 4.7 per cent, while
the telecom and banking sectors each slid three per cent.The market was also affected by an announcement from the Saudi Basic Industries
(SABIC), one of the world's largest petrochemicals producers, that the industry faced a shortage of raw materials.It did not name the
reason but said the issue arose on Saturday -- the day of the drone attack.Other bourses in the Gulf also dropped
Dubai Financial Market was down 1.1 per cent, Abu Dhabi and Qatar markets declined 0.4 per cent each, while Kuwait shares sank 0.8 percent
Khurais in the Eastern Province early on Saturday morning, knocking out some 5.7 million barrels per day of crude oil production and around
two billion cubic feet of natural gas output.The Abqaiq plant handles some seven million bpd of crude oil and billions of cubic feet of
natural gas.State-owned energy giant Aramco in March acquired 70 per cent of SABIC, the largest capitalised firm on the Saudi market, for
$69.1 billion.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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