Another recession: Are you worried?
By siliconindia   |   Tuesday, 09 August 2011, 02:26 IST   |    52 Comments
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Middle East
The debt crisis in U.S. and downgrading of its debt rating by Standard & Poor's have shook the trading world in the Middle East. The first day of the trading week saw about stock markets slipping about four in Dubai and Egypt. The impact was worse in Israel where even delaying the opening of Tel Aviv Stock Exchange by 45 minutes could not avoid panic. The U.S. developments caused the Israeli stock markets to be plunged by seven percent. The Middle East economy is totally affected by the U.S. situation and the fear of the advent of a new recession is already giving jitters to the market. Israelis, severely affected by the skyrocketing price of housing, food and gasoline, took it to the stress in pretest which saw a quarter of a million Israelis demanding the government to lower taxes, subsidize housing and bring prices down. Saudi Arabian market plunged 5.5 percent when it opened on Saturday. Dubai experienced the steepest decline in the region tumbling more than 5 percent in early trading. Other Middle East markets including the Abu Dhabi and Qatar market indexes each slumped 2.5 percent.

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