DUBAI: Saudi stocks plunged 2.3per cent as the market opened on Sunday, after attacks on two plants at the heart of the kingdom's oil industry a day earlier knocked out more than half of Saudi crude output.
"The market was expensive versus the region and other emerging markets, plus second-quarter earnings were not good." Other petrochemical companies such as Yanbu National Petrochemicals Co and Kayan also announced significant reductions in feedstock supplies.