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Wed 6 Jan 2016 04:25 PM

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Saudi Arabia's stock market tumbles 3.4% to 38-month low

Petrochemical stocks lead slump in performance as oil prices hit their lowest mark for 11 years

Saudi Arabia's stock market tumbles 3.4% to 38-month low

Saudi Arabia's stock market plunged in late trade on Wednesday in a broad-based sell-off led by petrochemical stocks.

With 15 minutes of trade remaining, the index was down 3.4 percent at 6,515 points, its lowest level since November 2012.

Petrochemical shares slid on worries about global demand and rises in gas feedstock prices announced in Saudi Arabia's 2016 state budget last week, which deprived Saudi petrochemical producers of some of their cost advantage.

The sector's biggest stock, Saudi Basic Industries, sank 3.4 percent while the petrochemical industry index tumbled 4.7 percent.

Oil prices hit their lowest in over 11 years on Wednesday.

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