Saturday, August 6, 2011

Saudi market plunges on Saturday 5.4%


The Tadawul All-Shares Index closed down 350.43 points 6,073.44 as all shares tumbled following a tumultous week for global markets which was capped by Standard & Poor's cutting the US credit rating over its $14.3 trillion deficit and debt.
"The S&P rating and problems in Europe... have scared investors," said financial analyst Abdulwahab Abu Dahesh.

Saudi market crash raises fears over domino effect in the GCC

The Tadawul bourse is the largest GCC market, other equity exchanges in the UAE, Kuwait, Qatar, Bahrain and Oman are feared not to be able to buck the Saudi downtrend when they re-open trading after the weekend on Sunday.

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