Saudi Stocks Sink To Near Five Year Lows Over War Worries

Oil's late week surge provided much buying excitement as Mid-East equity markets opened with flashing green numbers across every screen. However, by the close, it was a sea of red with Kuwait, Egypt, Amman, and Iraq all lower and Saudi's Tadawul All Share Index tumbling almost 4 percent from the opening highs as war worries dragged The Kingdom's stock market back to near 5-year lows.

Not "off the lows"...

Related: Why Today's Oil Bust Pales In Comparison To The 80's

Tumbling near 5-year lows...

(Click to enlarge)

Related: There Will Be No OPEC Cut

As Saudi Bank risk begins to rise once again...

(Click to enlarge)

Related: A Market Collapse Is On The Horizon

This isn't a total surprise as now SonntagsZeitung's reports that Qatari state fund and the Saudi Olayan Group are reaching for yield and buying Credit Suisse's CoCo Bonds that are paying as much as 10 percent interest.
With China set to re-open today, given the carnage across global markets this week, we wonder what kind of margin collateral chains will get snapped...

(Click to enlarge)

Charts: Bloomberg

By Zerohedge

More Top Reads From Oilprice.com:

• If A Cut Is Going To Come It Won't Be From OPEC
• OPEC-Russia Rumors Persist After Comments From Rosneft Chief
• The Hidden Agenda Behind Saudi Arabia's Market Share Strategy