While US investors are still concerned regarding the tensions in Libya and the potential for trouble in Saudi Arabia, the Saudi Arabian Tadawul index has shown a pretty big rebound over the last three trading days. Unlike most other global equity markets, the Saudi stock market is open on Saturdays and Sundays and is instead closed on Thursdays and Fridays. Since reopening on Saturday, the Saudi stock market is up 11.8%, capped off by a gain of 3.3% today (Bloomberg.com chart below). Before we all get bullish on Saudi Arabia, we would note that the benchmark Tadawul Index is still down more than 12% since its January highs. It is a start though and suggests that US investors may be more worried about the Middle East than investors who are actually in the Middle East.
A number of people have asked us for a good source where one can track the Middle Eastern equity indices. One source that is free of charge is on Bloomberg.com, which has charts and performance numbers forSaudi Arabia and a summary of all the Middle Eastern equity indices. If any readers have any other sources that they use, feel free to mention them in the comments.
(Click to enlarge)
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