Oil’s late week surge provided much buying excitement and 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% from the opening highs as war worries dragged The Kingdom’s stock market back near 5-year lows.

Not “off the lows”…

Tumbling near 5-year lows…

As Saudi Bank risk begins to rise once again…

Which could not be a total surprise as now SonntagsZeriting reports that Qatari state fund and Saudi Olayan Group are reaching for yield and buying Credit Suisse’s CoCo Bonds that are paying as much as 10% 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…