The biggest loss was reported in Egypt, where the key index plummeted by more than 16 percent to its lowest level in two years and some stocks shed a whopping 65 percent of their value.
"It is a catastrophe. It is clear that we will remain volatile and unpredictable as long as global markets remain impacted by the financial turmoil," Saudi economist Abdulwahab Abu-Dahesh told AFP.
The Tadawul All-Shares Index (TASI) in Saudi Arabia -- home to the Arab world's biggest market -- initially crashed more than 570 points, or 8.
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6 percent, but was trading 7.4 percent down at 6,230.43 points about an hour after opening.
The index had tumbled 9.81 percent on Monday.
"We are a part of this world and are impacted psychologically and practically by what is happening in global markets," said Kuwaiti economist Ali al-Nimesh.
The slide in the Saudi market was also driven by the modest profits reported by several major banks, with two already announcing a drop for the first nine months of th