Not Much Support For GCC Stocks Ex-Saudi

Last week we reiterated our bearish view towards GCC stocks, with the possible exception of Saudi Arabia, which, we felt, had the worst of its downside behind it. The Tadawul Authorities then announced the opening of the market to foreign investors, and the TASI has since rallied. As we said yesterday, the move through 8,500 could set up further gains.

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