Saudi Arabia's main benchmark stock index has plummeted by over 7 percent Tuesday, in a drop fueled by mounting unrest in neighboring Gulf Arab nations and reports of the arrest of a prominent Shiite cleric in the Sunni Muslim nation.
The Saudi All Shares Index was down 7.73 percent, to 5,482 points, by 3:15 p.m., building on an almost 6 percent decline over the past two days.
Other Gulf exchanges that take their cues from the Saudi market had closed by the time the market in Riyadh had changed course and shifted deep into the red. Whatever moderate gains they posted on Tuesday were likely to be erased on Wednesday, analysts said.
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