Mid-East Massacre: Equity Markets Plunge From Bahrain To Kuwait

Tyler Durden's picture

With all eyes focused on tonight's China open (and the "oops, China matters after all" meme), the Middle-East has fallen off the front (or back) pages of mainstream media. However, the last few days have been a bloodbath (analogistically as opposed to literally) across the Middle-East with Saudi stocks plunging 2.5% overnight (down almost 13% in the last 5 days) and every market from Bahrain to UAE all tumbling below August lows.

 

Saudi's Tadawul Stock Index has collapsed in the last few days and is now unchanged since May 2009

We warned in April 2014 that Mid-East markets were utterly-exuberant when an IPO for a company that "doesn't have current operations" was 36 x oversubscribed... it appears we nailed that.

But it's not just Saudi Arabia. From UAE to Kuwait, Mid-East equity markets are tumbling...

 

Of course, the biggest stress is seen in Mid-East FX markets where implications of major devaluations, de-pegging are growing ever wider...

 

Charts: Bloomberg