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Saudi shares pull Gulf stocks to free fall
Investor confidence hits rock bottom after Saudi stock market dives sharply to 14-month low.
By Omar Hasan - KUWAIT CITY
The Saudi stock market, the largest in the Arab world, dived sharply to a 14-month low in the week ending Thursday,
pulling along other Gulf stocks as investor confidence hit rock bottom
The Tadawul All-Shares Index (TASI) closed the week at 10,046.83 points, after dropping below the 9,700-point barrier during trading.
TASI dropped 21.1 percent this week and is 39.9 percent off its last year close of 16,712 points. It is also 51.3 percent below its all-time high of 20,634 points set on February 25.
Liquidity from record energy prices over the past few years has fed an unprecedented speculative bubble in stocks in the oil-rich Gulf region. The booming market also attracted millions of small investors and speculators.
But the downturn has badly shattered their confidence forcing a large number to clamour for the exit.
It has been like an exodus by speculators. They are now convinced that the golden era is over for good
. They are trying to leave in a bid to minimise losses," Saudi economist Abdulwahab Abu-Dahesh said.

The world is very volatile with bubbles likely to pop on a dime. Mervyn's comments may wake up the speculative housing bubble sheeple in the UK and then what?

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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