Alleged Tadawul Stock Market Crash

Alleged Tadawul Stock Market Crash
Everybody was telling me that the market crashed. So I thought this might be an opportunity to get a good price on some stock for long term investment.
The first thing I usually look at is the P/E (price-to-earnings) ratio. If the stock looks cheap based on the P/E, I dig in further.
So I cracked open my spread sheet, and put in the data from Tadawul. Guess what I found?!
I found that the lowest P/E was 22 (STC)!
How can people call this a market crash? Everything is overpriced by at least double what it should cost.
Now I have totally given up on the Saudi stock market as means for investment.