Saudi shares down 7% at open

RIYADH, Kingdom of Saudi Arabia -- The Tadawul All-Shares Index (TASI) shed more than 450 points in the first minute before recovering some of its losses. It was later trading at around 5,873.66 points, down 4.7 percent. The market's 15 sectors and 124 firms whose stocks were being traded all suffered declines, led by the petrochemicals sector which dropped 7.8 percent. The Saudi market is the only Gulf financial market that opens on Saturday. The new decline came despite statements by Saudi Arabian Monetary... [read full story]