The Saudi stock market witnessed a sharp decline today after gains over three sessions, where the Saudi stock index fell 5.7 percent, recording the largest loss during the day since the ninth of March, Due to the decline of Al-Rajhi Bank by 8 percent and the oil giant, Aramco, 5.2 percent. According to Reuters, investor sentiment was affected by the possibility of adopting strict measures to deal with the Corona virus and reducing Moody's the outlook for the classification of the kingdom. The Saudi Finance Minister said on Saturday that the kingdom will take very strict measures to counter the impact of the Corona virus, which may be painful, adding that all options are available to deal with the crisis. > He explained that among the measures included slowing government projects, including mega projects, to reduce spending. On Friday, Moody's lowered the outlook for Saudi Arabia from stable to negative, due to a collapse in oil prices that increases the Kingdom's financial risks as well as doubts about the government's ability to compensate revenue losses Oil and debt stabilization in the medium term. The market has fallen under the inevitable austerity measures and the decline in economics and financial measures, "said John Sfakianakis, a researcher at Cambridge University. This is the time to focus on saving the local economy, and this requires massive financial support and an overstatement at home and overseas acquisitions. He continued, "The local economy needs to look to the future, whatever the price, given that it is an unprecedented crisis that carries a lot of surprises."
