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Saudi Arabia’s stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.
The Tadawul All-Shares Index closed down 350.43 points to 6,073.44 as all shares tumbled following a tumultuous 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.
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