Equities: Weakness In Gulf Markets To Continue

Gulf equity markets continue to post losses as investor sentiment remains weak, and we foresee even further declines going forward. The Qatar Share Index (QSI), Kuwait Stock Exchange Index (KWSE), Abu Dhabi Securities Exchange Index (ADX), and Bahrain's All Share Index (BAX) all fail to inspire on a technical basis despite significant differences in fundamentals and political risks. Thus, we note that while risk aversion has been country-specific in MENA fixed income markets, broad risk aversion remains in Gulf equity markets.

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