Mideast petchem consumption may fall on Gulf stock markets’ slide

Petrochemical consumption in the Middle East may decline in the near-term if Gulf stock markets continue to show signs of weakness, ICIS reported, citing unnamed industry sources.

On Sunday, bourses across the region posted steep declines amid lower oil prices and a weakening Chinese economy.

The Saudi Stock Exchange’s (Tadawul) petrochemicals index fell eight percent during the session and 17 percent year-to-date. Saudi Basic Industries Corp. (SABIC), the kingdom’s largest petrochemicals company, dropped over nine percent to SAR 77.75.

Meanwhile, Dubai’s DFM General Index fell seven percent and Abu Dhabi’s ADX benchmark index closed five percent lower.