Instead of the post-Ramadan surge which many of the region’s financial analysts and traders had augured during the slow days of summer, important Middle Eastern stock markets converged to a measly November diet in the bear’s kitchen. Over the coming months, these markets will have to deal with the poor investor confidence of which the selling mood speaks volumes—all the more so since corporate results and macro indicators may be much friendlier than the share price performance toward the end of 2006. Downturns across the regionThe Cairo and Alexandria Exchanges retained their ground with continued sideways trading, but the Tadawul Index of the Saudi Stock Exchange moved south by about 2,000 points, or 20%, between Eid Al Fitr and November 26. The Dubai Financial Market was not far behind with a drop of 17%, the Doha Securities Market lost 15%, and the Abu Dhabi Securities Market retreated by about 12%
