What's like the P/E (trailing) over there?

About bloody time. When I was there for a conference even the asset management pimps based in Dubai were talking about valuations being too high.

You know when dubai finance pimps start admitting there might be overvalued assets that valuations have become not only ludicrous, but absurdly ludicrous.

P/Es were all over the place, I think you can get them at MENAFN or AMEINFO

The question comes to mind, what may have triggered the change in sentiment.

I'll check on P/Es.

An ignorant guess to me on a trigger would be that if valuations were very high, everyone is tense for a tumble, and any event, including something like Christmas where retail investors (I assume some significant amount may celebrate it) need sudden liquidity for that and/or other personal/business end of year purposes (tax, accounting to show profit or loss), would cause a sudden sell-off and then the computerized stop losses would kick in, both day trade and institutional. A snowball effect.

I think something like that happend with NASDAQ 2000, everyone knew valuations were psychotic and had to fall; the reason for it in April was, in addition ot Microsoft suit and continued higher interest rates by Fed, alot of people took their profits or losses about the same time to pay off April 15 taxes. Those sales all at once suggested the avalanche and through fear and stop-loss it became a self-fulfilling prophecy. I have heard that theory but cannot document.

In other words, Christmas or end of year common needs for cash may have caused an avalanche where everyone was primed for a fall and ready to sell when the first rumbles -- caused by private coincident needs -- came.

About 40-50 p/e I think, though I may have misremembered that.