Saudi stocks officially entered bear market territory with investors running for cash in advance of two rumored days of protest on March 11th and 20th, despite a surge in oil prices back to $100 a barrel.
Brokers said investors were fearful about what might happen and going into cash for safety. The main Tadawul index is more than 20 per cent off its 2010 high and thus in bear market territory.
Any yet as the ArabianMoney March newsletter pointed out today (click here) this bear market crash might soon be viewed as a contrarian investment opportunity, particularly in countries like the United Arab Emirates which has been free of protests so far.
No comments:
Post a Comment