Saudi Arabia's index slumps to 2-wk low as oil extends drop

Saudi Arabia's stock index posted its biggest single-day loss in two months on Monday as oil prices extended their slide. The petrochemicals sector fell 2.6 percent. The earnings of petrochemicals producers, which constitute the biggest sector on Saudi Arabia's stock market, have been hit hardest by oil's sustained fall as their sales prices are often linked to petrochemicals prices. Also, Saudi Arabia's index had vastly outperformed other major Gulf markets, rising 15.5 percent this year and so