Mideast market fallout offset by strong oil price (FT)

Economist in the Middle East are warning that the fallout in the local stock exchanges will affect consumer spending. An estimated 200,000 - 500,000 Saudis suffered losses on the stock market. This is some how offset by the windfall in IPOs.
Comments: The scale of loss in the local markets is probably much larger add to that the cost of financing in regard to margin trading and IPOs. Investors that entered the market earlier are probably ok while the majority that joined later on would be more affected. Investors felt protected by high oil pries - but oil revenue does not pour back to investors as majority of the oil sector is strictly under governmental control. Goverments in the region are happy to create jobs for its citizen but do not pay dividends.