The Saudi stock market plunged after US President Donald Trump promised “severe punishment” for Riyadh if it ordered the murder of Washington Post journalist Jamal Khashoggi.

Two hours into trading, the index was down seven percent, which is its biggest drop since December 2014, Reuters reports. The stock market’s trading hours take place between 10:00am and 3:00pm, Sunday to Thursday. AP also reported a drop, but said it was six percent.

READ MORE: Trump vows 'severe punishment' if Saudi Arabia is behind killing of WaPo journalist Khashoggi

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The nosedive comes after Trump promised a harsh response to Saudi Arabia if the ultraconservative kingdom is linked to the suspected murder of Washington Post journalist Jamal Khashoggi. The president said that there is something “really terrible and disgusting” about the case. “We’re going to get to the bottom of it and there will be severe punishment.”

Khashoggi, who was a critic of Crown Prince Mohammed bin Salman and the Saudi royal family, was last seen on October 2 when he entered the Saudi Consulate in Istanbul to obtain documents for his upcoming marriage.

Turkey alleges that the journalist was tortured, killed, and dismembered inside the consulate – a claim, that Riyadh denies.

Reacting to Khashoggi’s disappearance and alleged murder, a number of media outlets, including CNN, CNBC, and the Financial Times, announced they will not be participating in a high-profile investment conference in Saudi Arabia. The Washington Post took out a full-page ad in protest, saying that it “is not going to let this go.”

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