MENA: Positive Monthly Closes Spell Further Gains

MENA stock markets have performed well since we became bullish, in spite of the correction over the last week or so, as shown by the table below. Our medium -term view has not changed, which is underscored by positive signals coming from global markets, and strong monthly closes led by Saudi Arabia. If the Dow can close above 8,190, then we see further gains for equities worldwide, and the MENA region is no exception. We also maintain our view that Egypt, Saudi, Qatar and Abu Dhabi will outperform Oman and Bahrain.

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