DUBAI, Aug 23 (Reuters) - Saudi Arabia's stock market plunged again in early trade on Sunday in response to a fresh slide of oil prices and the decision by credit rating agency Fitch to cut its outlook for the kingdom. Egypt's bourse also fell sharply.
The main Saudi stock index
Selling was indiscriminate, with petrochemical producer Saudi Basic Industries Corp
Fitch lowered its outlook for Saudi Arabia's foreign and local currency issuer default ratings to "negative" on Friday from "stable", citing cheaper oil, while affirming the ratings at 'AA'. Standard & Poor's cut Saudi Arabia's credit outlook to negative in February; the third major rating agency, Moody's, has not yet taken such action.
Egypt's stock index
(Reporting by Andrew Torchia; Editing by David French) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
Keywords: MARKETS STOCKS/SAUDI EGYPT/