The market hit a low of 7,851.44 points on 6 September, after commencing trading at 8,504.72, and ending the day at 8,044.79 points. During trading on the 7 September the market continued to trade close to the 8,000 points.

This also nearly wipes out all the gains made by the Tadawul in 2008, since ending 2007 at 7,933.29 points. Analysts say the fall in the market is not based on trading fundamentals.

The Arab Monetary Fund’s index of 15 Arab markets is down eight per cent so far in 2008.