Can Stocks Drive Lending Recovery?

As of the time of writing, the global markets were looking somewhat less inspiring than they were at the beginning of the week, and there are some short-term downside risks to our medium term positive view. However, we note that the Bahrain All-Share Index (BASI) has responded well to the improved conditions, with turnover rising to around US$800mn on July 28, from a usual level of around U$300mn (albeit falling back again the following day). This is still low compared with the other GCC states, which is a fundamental reason for our less positive stance towards the BASI than towards

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