Saudi stocks fall in global rout, break chart support

Saudi Arabia’s index was headed Thursday for a third straight day of losses after oil slid back near $30.

Saudi Arabia’s index fell 1.1 percent to 5,769 points, confirming a break below technical support at the early February low of 5,834 points. This triggers a minor double top formed by the end-January and February highs and targeting about 5,600 points.

The petrochemical sector was the main drag with Saudi Basic Industries, the largest listed stock by market value, down 1.5 percent.

Source: Reuters