Saudi Arabia's stock market, the largest in the Arab world, on Tuesday dropped for the third day running, shedding 3.5 percent by the close. The Tadawul All-Shares Index (TASI), which had lost about 11 percent over the past two days, finished at 5,338.68 points, its lowest level in almost four and a half years.

Market leader SABIC shed 4.75 percent while the petrochemicals sector as a whole shed 6.7 percent. The banking and financial sector lost 1.16 per cent. The real estate declined by 5.11 percent.