Equities: Neutral In North Africa

Investor uncertainty continues to weigh on Morocco's All Share Index (MASI) and Tunisia's TUNINDEX, as North African equity markets are set to continue suffering from the effects of regional political unrest. We had previously noted our expectation that the MASI would clearly outperform the TUNINDEX, as Tunisia was at the height of its political unrest at the time. However, we now hold a neutral view on both markets, and we believe Morocco's MASI will only marginally outperform the TUNINDEX.

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