MIDEAST STOCKS-Plunge on oil price drop, Fitch cut to Saudi outlook | Reuters:
"Major Middle Eastern stock markets
plunged in relentless selling on Sunday because of sliding oil
prices, a decision by Fitch Ratings to cut its outlook for Saudi
Arabia's debt, and Friday's sharp losses on Wall Street.
Dubai suffered its biggest one-day fall since last December,
with its main index tumbling 7.0 percent to 3,451
points, its lowest close since March 30. The index finished just
off the intra-day low and close to major technical support on
the March low of 3,233 points.
Saudi Arabia's benchmark lost 6.9 percent to 7,463
points, nearing support on its December low of 7,226 points.
That brought its losses so far this month to 18 percent - a drop
which has erased some $75 billion of market value."
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