Stock Views (GCC, Lebanon, Egypt)

Another horrible weekend for the GCC stock markets, in line with the bearish view we first promoted around January, and reiterated on Friday. Saudi Arabia led the decline on Saturday, putting paid to our cautious contention that the Tadawul All-Share Index could have found its bottom. There has been a small bounce in most of the markets this morning, and as we have said before, with corporate results still fairly healthy and growth prospects still robust, there will be a good entry point eventually. However, we would want to see a break above support-turned-resistance before becoming more optimistic: as the

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