The Saudi stock market plummets to 7 percent due to the disappearance of journalist Kashoggi

The Saudi stock market plummets to 7 percent due to the disappearance of journalist Kashoggi

The Saudi stock market came to plummet today to 7 percent and the main indicator has accumulated a fall of more than 500 points between fears of US sanctions for the disappearance of Saudi journalist Jamal Kashoggi.

The Saudi stock market reported today that the main Saudi indicator, Tawadul, has fallen to 7.01 percent at 11.46 local time (8.46 GMT), although since then there has been a positive recovery in values.

Yesterday, the Saudi Stock Exchange closed at 7,530.80 points, while now stands at 7,119.22, with virtually all companies in the stock market in the red and, for now, the most affected is the health sector, as National Medical Care has plummeted to 10 percent.

This pronounced fall comes after yesterday the US president, Donald Trump, warned of a "severe punishment" in case it is confirmed that the Saudi journalist, disappeared since last day 2 in Istanbul, was killed in the Saudi consulate in that Turkish city, as several media point.

"We are going to get to the bottom of the matter and there will be severe punishment," Trump promised in an excerpt from an interview with CBS that will be broadcast today, although the president did not say whether his executive is considering any specific action.

Also, this collapse comes amid fears of investors about the deterioration of relations with the international community after the possible murder of the Saudi dissident by a team sent from Riyadh, as revealed by the US and Turkish press.

However, this point has been denied outright by the Saudi Government.

The disappearance of the journalist has shocked much of the international community at a time when Saudi Arabia is also preparing to host an economic forum, which will be held in the kingdom between October 23 and 25 and is considered the "Davos" of the desert".

For two days, several sponsors and guests have canceled their attendance at the Future Investment Initiative conference.

Among those absent were the World Bank president, Jim Yong Kim, as well as other media outlets that were going to participate, such as the US network CNBC, CNN and the Bloomberg news agency.

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, said yesterday, however, that she will continue her trip to the economic forum, although she made it clear that she is "horrified" by the latest information on what could have happened.

Khashoggi, a columnist for the Washington Post newspaper, disappeared on day 2 after entering the Saudi consulate in Istanbul to collect official documents necessary for his wedding with his Turkish girlfriend.

Formerly close to the Saudi monarchy, the journalist distanced himself from her last summer, when the current crown prince, Mohamed bin Salman, rose to positions of power.


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