FORTUNE Magazine -- After rising from 2, to 20, points in three years, the stock market dropped to 8, last month. It's Riyadh's Black Monday.

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In two weeks, beginning Oct. It's the second time stocks have hit the skids this year, and investors have every reason to feel queasy: The market has lost more than half its value since an all-time high in February.

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The country has been awash in oil money with nowhere to go but the stock market. Also, the stock market is still unsophisticated, with few institutional investors and no short-sellers. Some sold their cars or spent their life savings to enter the market.

Schoolteachers were admonished for day-trading. The recent cancellation of a popular after-work trading session helped trigger the recent collapse. The despair could spur unrest in a strategic U.

From the December 11, issue.