HSBC Strategists Downgrade Saudi Equities to ‘Neutral’: Report

HSBC Holdings’ strategists downgraded their rating for Saudi equities from “Overweight” to “Neutral”, Bloomberg reported.

 

The strategists cited near-term risks given the escalating geopolitical woes and weaker oil prices, the news agency noted.

 

The benchmark Tadawul All Share Index (TASI) retreated by 1.6% (189 points) today, Oct. 6, to close at 11,769 points.

 

The TASI pullback came against the backdrop of the heightened geopolitical tensions in the Middle East.