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Dubai Ruler visited the mourning tent in Al Ain on Friday
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Saudi stocks dip six percent
KUWAIT CITY - The Saudi stock market sank six percent at the start of trading on Tuesday as other Gulf bourses also traded lower amid a slump on global markets after the United States confirmed it was in recession.
Tadawul All-Shares Index (TASI), the largest in the Arab world, later partly recovered and was trading down 4.33 percent at 4,588 points, with all 15 sectors in negative territory.
The TASI was dragged down by the leading petrochemicals and banking sectors which dropped 4.7 percent and 3.8 percent, respectively. Market leader SABIC was down 1.9 percent.
The Kuwait Stock Exchange was trading down 1.6 percent at 8,712 points, pulled down by the leading banking and investment sectors which shed 2.3 percent each.
The market appeared to have ignored Kuwaiti media reports which said the government has given the green light for a special fund worth 7.3 billion dollars to buy stocks to lift the sagging market.
Doha Securities Market was down 2.9 percent to below the key 6,000-point mark, while Muscat Securities Market was one percent lower and Bahrain Stock Exchange lost 0.6 percent.
The two bourses of the United Arab Emirates, in Dubai and Abu Dhabi, were closed for a national holiday.
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