Saudi Arabia’s biggest stocks hit by petrochemical slide

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Saudi Arabia’s biggest stocks hit by petrochemical slide

The NewsRising global petrochemical supplies have driven down prices, triggering sharp declines in some of Saudi Arabia’s biggest listed companies and weighing on a sector central to the kingdom’s diversification strategy. The largest producer, Sabic — owned by Aramco — posted an unexpected fourth-quarter loss of 1.89 billion riyals ($504 million). “Challenges remain ongoing,” Sabic’s CEO said. All 10 listed Saudi petrochemical producers saw the…