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Saudi shares drop on public sector pay cuts


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Saudi shares drop on public sector pay cuts

Saudi Arabia limited state employees' allowances andcanceled bonus payments as part of measures to cut the kingdom's budget deficitamid a slump in oil prices, Bloomberg News reported Sept. 27, citing the SaudiPress Agency.

The kingdom also reduced ministers' salaries by 20%, withmembers of the Shura Council, which advises the country, having their pay cutby 15%, according to the Sept. 26 Saudi Press Agency report.

The Tadawul All Share Index dropped 3.8% on Sept. 27, the biggestdrop since January, Bloomberg reported. All but six of the Saudi stockexchange's 174 members fell.