Posted on 08/06/2011 10:02:19 AM PDT by Steelfish
Saudi Stock Market First To Plunge On S&P Downgrade Saudi Arabia's stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.
Saudi Arabia's Tadawul index fell 5.46pc on Saturday.
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.
Analysts expect markets in Asia and Europe to follow the Tadawul lower on Monday.
"Saudi shares have reacted to two events: sharp drops on Thursday in markets, especially oil, and the S&P cut of the US rating," economist Mohammed al-Omran told Al-Arabiya news channel.
(Excerpt) Read more at telegraph.co.uk ...
That is a tremendous drop!
It is worse than many seem to realize in the United States.
The Expat Needs Beer Money - Cough Up!
I am surprised that the SGD isn’t stronger than it is.
I noticed this weekend that several of the money changers here in Singapore simply stopped taking US dollars.
Monday is gonna be ugly
Hell, its ALREADY ugly!
It's all a matter of the cost/benefit analysis.
Did anything that SE Asia had for all those centuries exceed the cost of what it would take for the Chinese to seize and control them, and how much benefit would the Chinese get from it?
If you're talking offshore oil, it is hard for the small countries to defend and easy for China to seize and control, and China needs oil.
I am not suggesting the aggression is trivial or that defense is either simple or likely to be successful, it probably would not be.
I am simply saying that the chinee have been aggressive to SEA for a long time.
Ouch.
Less than 9 hours to go.
Be on the ready. Not every stock is overpriced. If the market falls another 10% I am diving in without looking. The boy king has created an incredible buying opportunity.
Money changers stopped taking dollars over the weekend in several places here.
The USD is going to dive below 1.20 on its way to parity with the SGD.
Hey who is going to chip in and buy the expat some coffee and cigarettes :-)
If you need a Red Cross package from me just freepmail. :^)
(BTW, Moonpies are included)
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