RIYADH, Nov 22: Saudi shares plunged 8.87 per cent on Saturday in the first day of weekly trading, as all sectors dropped sharply.

The Tadawul All-Shares Index (TASI) was at 4,447.42 points in late morning trading. It began the day with a fall of more than five per cent in the first hour of trading.

The slide in the largest Arab bourse, the only stock market to operate on Saturday, was led by 9.27 per cent and 9.3 per cent drops respectively in the leading banking and petrochemical sectors.

Telecommunications was also down 9.81 per cent, while construction plunged 9.33 per cent.

Many listed companies have seen a 10 per cent drop in the price of their shares -- the maximum daily change allowed in prices.

The SABIC petrochemicals giant was trading 9.89 per cent down, while the main telecoms operator, Saudi Telecom, slid the maximum allowed.

Shares in Etihad Etisalat mobile phone company were also down 9.88 per cent.

TASI ended last week’s trading down 11 per cent. It has shed almost 20 per cent in the past two weeks and is 56 per cent lower than last year’s close.—AFP