Saudi Arabia’s stock market has fallen sharply after it announced public spending cuts and rises in tax, fuel and energy prices in 2016.
The country’s main stock index fell 3% in the opening 15 minutes of trade with petrochemical firms worst hit.
Saudi Basic Industries, the biggest petrochemical producer, tumbled 8.3% while Saudi Kayan lost 4.8%.
Saudi Arabia’s budget deficit soared to $98bn (£65.7bn) this year on the back of falling crude prices.
In the first budget under King Salman, the kingdom said revenues reached 608bn riyals (£108.7bn; $162bn), down 15% on official expectations.
Spending for the year hit 975bn riyals, some 13% more than…
