BASI To Lag Rest Of GCC?

We said last week that although we were bearish towards the GCC stock markets in general, we were particularly concerned about Qatar, Dubai and Bahrain. Since then, the three markets have seen significant losses, with Bahrain leading the field, having fallen by 5.0% (the other two have broadly made up their losses with a bounce today). We think the Bahraini market looks distinctly uninspiring, and could lag any recovery seen in the rest of the region. The banking sector in particular has taken a major hit from the Saad/Gosaibi default. Although banks throughout the region were affected, the crisis blew

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