Saudi Arabia’s stock market plunges on fear of sanctions
Dubai (CNN Business)Shares in Saudi Arabia plunged as the fallout over the disappearance of journalist Jamal Khashoggi got worse over the weekend.
The main stock market index in Riyadh fell as much as 7% on Sunday and billions of dollars were wiped off the value of leading Saudi companies. The index recovered some ground later to close 3.5% down.
Stocks have dropped as much as 9% since Khashoggi disappeared on October 2 after walking into the Saudi consulate in Istanbul. The losses wiped out all the market’s gains in 2018, although it is still up 8% from a year ago.
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