RIYADH – Stock markets fell sharply Tuesday, led by the Saudi market, after oil prices declined and the euro continued its slide, traders said.
Saudi Tadawul All-Shares Index (TASI), one of the largest Arab bourses, shed a massive 6.75 percent to close at 5,760.33 points, pulled down by market leader petrochemicals giant SABIC.
Shares of Saudi Basic Industries Corp, which makes up one-fifth of Saudi market capitalization, dropped the maximum allowed 10 percent, to close at SR76.75 ($20.47 dollars), down SR8.5 from Monday’s close of SR85.25.
The fall Tuesday left TASI 16.9 percent below the year’s maximum of 6,929.40 points set on April 10. It is down 5.9 percent on last year’s close.
Dubai Financial Market dived 4.64 percent to finish at 1,570.34 points. Market leader, property giant Emaar lost 7.82 percent.
The other United Arab Emirates bourse of Abu Dhabi dipped 3.1 percent to close at 2,650.32 points.
Kuwait Stock Exchange, the second-largest Arab bourse, fell 2.67 percent to 6,802.10 percent as almost all the 200 stocks finished lower.
Doha Securities Market dropped 4.2 percent to 6,647.18 points.
The bourses of Muscat and Bahrain fell 3.16 percent and 1.9 percent, respectively. – Agencies