Stocks: More Volatility Ahead, Beyond Short-Term

Saudi Arabia is the only one of the GCC markets looking even remotely promising as we move into 2009, with none of the other six main bourses joining their global counterparts in a January bounce. This is in line with our long-held view that the bourse would be the first to recover from the 2008 crash, but is not to say that we are now bullish: we still see several risks, and underscore our key view globally that volatility will be the watchword in 2009. However, we note that the bourse has moved out of its downtrend on both a

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