After U.S. President Donald Trump imposed heavy trade tariffs on several countries, the Saudi stock market experienced a sharp decline on Sunday, marking the biggest daily drop in the past five years.
The Saudi Stock Exchange closed down by 6.78%, meaning the market fell by over 800 points. During this decline, the share prices of major companies, including Aramco, plummeted.
Aramco’s shares recorded a 6.2% decrease, resulting in a loss of 340 billion riyals in its total market value. According to economic news outlet Al-Eqtisadiah, a loss of 500 billion riyals (approximately $133 billion) occurred in just one day.
It is noteworthy that Trump has imposed tariffs of up to 29% on several developing countries, including Pakistan, leading to significant downturns in European and Asian markets as well. Experts predict further declines when global markets open on Monday.
