Saudi Shares Plunge as U.S. Downgrade Fuels Global Concern
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Saudi Arabian shares tumbled for a third day, sending the benchmark index to its largest intraday drop since March, amid rising concerns about the global economy after Standard & Poor’s cut the U.S.’s credit rating for the first time.
Saudi Basic Industries Corp., or Sabic, the world’s biggest petrochemicals maker, fell the most in five months. Al Rajhi Bank, the kingdom’s largest publicly traded lender by market value, reached its lowest price since March.