Reply #22: Mideast stock markets nosedive

[54anickel]

http://news.yahoo.com/s/afp/20060314/ts_afp/stocksmideast_060314181817;_ylt=AsdNsyIQ1zh6CkUjsXZugSOmOrgF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

KUWAIT CITY (AFP) - Stock markets in the oil-rich Gulf region and Egypt suffered major losses, triggering angry protests in Kuwait and prompting some analysts to forecast a crash after a solid five-year upward run.

The market in OPEC kingpin Saudi Arabia, the largest in the Arab world, dropped sharply for the fourth consecutive day, reflecting what analysts said was a sharp correction across the region.

The value of Gulf bourses dropped Tuesday to just under one trillion dollars, down some 150 billion dollars from their 2005 value and more than 250 billion dollars below the peak.

The Saudi Tadawul All-Shares Index (TASI) shed 4.75 percent to close below the 15,000-point psychological barrier for the first time this year at 14,900.40 points.

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"I think we are now at a serious turning point... It is certainly the beginning of a crash though the market is expected to resist at 12,200 points," said Ali Dakkak, professor of economics at Jeddah-based King AbdulAziz University.

more...

Hmmmm, have they learned the art of pump and dump?