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)
To illustrate how the recent crashes has maimed GCC stock markets, here are the charts of…
Saudi’s Tadawul
Dubai Financial
Kuwait Stock Exchange
Oman’s Muscat
Qatar Exchange
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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