Remember how emerging markets came roaring back this year? Yeah, well, someone forgot to send the memo to Saudi Arabia.

While other developing economies were posting solid gains and attracting capital flows, Saudi stocks basically sat on the sidelines watching the party happen elsewhere. The divergence is pretty striking when you look at the broader EM rally versus what actually played out in Riyadh.

Makes you wonder what's holding back one of the region's biggest markets while peers are catching fire. Market dynamics can be brutal sometimes.