File - Brokers monitor a screen displaying stock market index at an investment bank in Riyadh, June 9, 2013. REUTERS/Faisal Al Nasser
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Saudi stocks declined to a five-week low, leading losses across most Middle Eastern equities, after the deputy crown prince triggered a slump in crude prices by placing the onus of reducing oil output on other states.The steps are intended to make the kingdom more reliant on income from investment rather than oil within 20 years.About 212 million Saudi Arabian shares were exchanged, 20 percent less than the 12-month daily average.Abu Dhabi National Energy Co., the government-controlled utility otherwise known as Taqa, slid 6.1 percent on almost four times the three-month average trading volume.Qatar's QE Index dropped 1.2 percent and Bahrain's BB All Share Index declined 0.4 percent.
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