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Saudi shares fell sharply at the start of trading on Tuesday a day after the kingdom announced a record $98bn deficit but rallied by closing.
The Tadawul All-Shares Index (TASI) fell by 3.1% minutes after opening but recovered slightly to close down 0.9% at 6,930.60 points.
The market losses were led by the key petrochemical sector, which had shed 3.8% at the close.
TASI and other Gulf bourses have witnessed sharp volatility throughout 2015 mainly due to the slump in oil prices that led to spending cuts by regional governments and hit corporate profits.
Saudi Arabia said on Monday it posted a deficit of $98bn in 2015 after a steep decline in oil revenues.
The kingdom also projected a deficit of $87bn for 2016, the third year in a row with a shortfall.
To counter the impact of sliding oil revenues, the world's top crude exporter said it was applying unprecedented cuts to public subsidies on fuel, power and water.
Other Gulf markets were mixed at close on Tuesday.
Dubai rose 0.5%, Abu Dhabi was up 1.0%, while Qatar closed unchanged.
Kuwait dropped 0.8%, Oman fell 0.2% and Bahrain 0.16%.
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