Saudi stock market first to plunge on S&P downgrade - Telegraph

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.

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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