Saudi stock market first to plunge on S&P downgrade

Discussion in 'Trading' started by bond_trad3r, Aug 6, 2011.

  1. Saudi Arabia's stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.

    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.
  2. Or the last to react after Thursday sell-off. This is the first day of trading for the Saudi market since Thursday.
  3. true...
  4. Can not read the chart clearly. Did it fall 10%+ during the day?
  5. KMAX


    It went down because Cramer had a buy on it.
  6. bidask


    saudi stock market opens on saturdays? cool.

    are there saudi futures?
    any other markets open on saturdays?
  7. toc


    most of the islamic countries have fridays and saturdays off. some come back to work on saturday and then take sundays off. there can be some arbitrage or forward indicator type opportunities but that is a matter of research and other studies.

  8. AFAIK, the saudi mkt is the only one open on sat. be careful though trading it since the entire market cap of the country is only about $50B. another issue is gaining access to it. the only retail broker i know of is ib maybe.
  9. They halted the Israeli stock market today (sunday) because it crashed right after opening.

    the TA-100 (the 100 most important stocks in israel) dropped straight away 6.3%.

    They had to halt the trading.

    Thank you obama, you fucked it up, bigtime.
  10. how is this obamas fault
    #10     Aug 7, 2011