Dubai: Saudi’s index tumbled more as much as 5 per cent on Wednesday after King Abdullah underwent some medical checkups.
The Tadawul All Share TASI index fell as much as 5.23 per cent, before closing 1.81 per cent lower at 8,333.30 on Wednesday. The Tadawul index ended the year on a flat note.
The Saudi Press Agency said at 9:28 GMT that its King Abdullah bin Abdulaziz Al Saud had to undergo some medical checkups at a hospital in Riyadh.
“The Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, may God keep him, entered today, Wednesday, ... the King Abdulaziz Medical City of the National Guard in Riyadh to undergo some medical tests,” the statement said, according to state news agency SPA.
The index was down in the earlier part of the session as crude fell more than 3 per cent.
Saudi Arabia budgeted a deficit for the first time since 2009, amid record spending on infrastructure facilities and on human resources. Saudi Arabia derives almost 90 per cent of its revenues from crude oil. Saudi Arabia is the biggest exporter of crude oil.
Meanwhile, the kingdom’s $509 billion Saudi stock exchange is likely to be opened to foreign investors in April, three people briefed on the kingdom’s plans were quoted as saying by Bloomberg.
