The Saudi stock market faces selling pressure when it reopens on Saturday for the first time since the Dubai debt crisis erupted even though the kingdom has little real exposure to it, analysts said.
Closed since November 25 for the Muslim holidays of Eid al-Adha, the Gulf's largest bourse could take its cue from sharp plunges in Dubai, Abu Dhabi, Kuwait and Qatar, said Paul Gamble of Jada Investment.
Those steep losses came after Dubai's government announced a six-month freeze on debt payments by Dubai World, a state-owned conglomerate whose 59 billion dollars in liabilities the emirate said it would not guarantee.
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