Monday, December 15, 2014

The Carnage of Middle East Stock Markets Continues…

Last night I wrote: The US West Texas Intermediate (WTI) closed down 2.81% while the European Brent bellwether tanked 2.87% which for the week translates to 12.4% and 10.4% losses respectively. Since GCC bourses are closed on Fridays and re-opens on Sundays, the bloodletting of their stock markets can be expected to be carried over the coming week. 

The bloodletting had indeed been carried over… (all charts from asmainfo.com)
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To illustrate how the recent crashes has maimed GCC stock markets, here are the charts of…

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Saudi’s Tadawul

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Dubai Financial

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Kuwait Stock Exchange

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Oman’s Muscat

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Qatar Exchange 

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Bahrain Bourse

Most of these benchmarks recently carved record highs, except for Bahrain, now all have been crashing at an incredible rate.

The above represents a shining example of my adage: The obverse side of every mania is a crash.

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