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Sunday, August 7, 2011

8/7/2011 - Saudi market crash raises fears over domino effect in the GCC

Investors at the Saudi Stock Exchange dumped shares across the board on Saturday, sending the Tadawul index TASI down 5.46% to 6,073.44 points. It was Riyadh's worst trading session in 2011 (as yet), after Standard & Poor's downgraded the U. S. credit rating to AA+ from AAA, a first in the USA history. Market bellwether Sabic plummeted 5.78% to close at SR97.75. Only shares of Tihama Advertising & Public Relations Co. gained value (up 0.25% at SR40.30), while 144 Saudi securities declined. 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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