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[2008-01-29] Saudi, Dubai stocks nosedive
The Saudi and Dubai stock markets dived on Monday as Asian and European shares fell sharply on fears of a possible recession in the United States, traders said.
The Saudi Tadawul All-Shares Index (TASI) shed 4.1 percent to finish on 9,389.52 points. It has lost 16 percent since the start of the year.
The TASI came under pressure from petrochemicals giant SABIC, the market leader which shed 5.2 percent as well as the banking sector. Prices of 102 listed firms dropped while only five increased.
The Dubai Financial Market Index dropped 3.84 percent to close on 5,451.05 points. It has lost 8.1 percent this year.
The market leader - construction giant Emaar - was the biggest loser falling 5.8 percent. The market was also affected by a drop in the telecom and property sectors.
The Abu Dhabi Securities Market was down 1.14 percent at 4,630.20 points, while Qatar's Doha Securities Market lost 0.31 percent. Kuwait Stock Exchange Market dropped 1.5 points.
Two smaller Gulf exchanges - the Muscat Securities Market and the Bahrain Stock Market - rose slightly.
