Saudi Arabia's Tadawul index fell 5.46pc on Saturday.Saudi Stock Market First To Plunge On S&P Downgrade -- The Telegraph
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 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.
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Update: Israeli Stocks Tumble Most Since November 2008 on U.S. Rating Cut, Europe -- Bloomberg
My Comment: A better indication will be Sunday night and the stock market reports from Asia. What is my take .... and it is just my opinion .... many financial institutions can only invest in AAA holdings .... a position that the U.S. no longer holds. I expect a sell-off to start soon and lasting for a very long time.
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