Home > Economy > Saudi stock market first to plunge on S&P downgrade

Saudi stock market first to plunge on S&P downgrade

“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.

The Saudi market was the first to react globally to the S&P statement late on Friday, with the start of the trading week in Saudi Arabia, while all other markets remained shut for the weekend.

Analysts expect markets in Asia and Europe to follow the Tadawul lower on Monday.

“Saudi shares have reacted to two events: sharp drops on Thursday in markets, especially oil, and the S&P cut of the US rating,” economist Mohammed al-Omran told Al-Arabiya news channel. “

Via The Telegraph

About these ads
Categories: Economy
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 887 other followers

%d bloggers like this: