Saudi stocks rebound strongly after rate cut
RIYADH, Oct 8, 2008 (AFP) - The stock market in Saudi Arabia rebounded strongly just before the close of trade on Wednesday, eradicating most of the days earlier losses following a coordinated international rate cut.
With less than half an hour to the close, the Tadawul All-Shares Index (TASI) was down 1.6 percent after it shed more than eight percent in early trading.
The rebound came after several international central banks announced a coordinated interest rate cut of 0.5 percentage points. Such measures are normally followed by the Saudi monetary authorities.
The Saudi market is the largest in the Arab world.
AFP 081217 GMT OCT 08