Saudi Stocks Plunge

October 6th, 2008 By: Michael van der Galien | Tags:
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Not only did European and Asian stock markets fall sharply on Monday, Saudi stocks plunged more than 9% as well. The stock market was reopened after a week-long holiday (after Ramadan). It was the first day of stock trading after the Eid al-Fitr holiday marking the end of the Muslim holy fasting month of Ramadan.

Saudi stock markets ended the third quarter a week ago with a loss of more than 20%. That trend continued on Monday.

Other oil-rich Gulf-states’ stocks markets also plunged. Halfway through trading, Dubai was 4.5 percent down, Abu Dhabi and Qatar four percent each, while Kuwait shed 3.5 percent and Oman dipped six percent.

It seems that despite the bailout plan, the crisis is spreading. It will become, or it has already become, a global problem, requiring global action. As of yet, however, even EU member states cannot agree on a shared approach to the crisis, meaning that cooperation on an even larger scale is simply impossible.

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