Saudi shares nosedive almost 10 percent

RIYADH, Jan 22, 2008 (AFP) – The Saudi stock market, by far the largest in the Arab world, dropped sharply at the end of trading Tuesday, shedding almost the maximum permissible 10 percent on economic concerns and profit-taking. The Tadawul All-Shares Index shed 9.7 percent to finish below the 10,000-point psychological barrier on 9,338.54 points. The maximum allowed drop in a single day is 10 percent. The TASI which closed last year up 40.6 percent, has so far dropped about 21 percent from its highest close this year of 11,800 points on January 9.