Saudi Arabia Kicks Own Stocks Toward Bear Market on Oil Output
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Saudi Arabia boosted crude output to a record, deepening a global supply glut and sending the country’s stocks down for a seventh day in the longest losing streak this year.
The Tadawul All Share Index retreated 2.5 percent to close at 7,991.28 in Riyadh, less than 130 points away from a threshold for entering a bear market. The selloff in oil resumed as the kingdom said crude export in June beat a previous high set in 1980 as OPEC nations seek to maintain market share.