Stocks Still Look Promising As Ramadan Approaches

We maintained our bullish position towards MENA stocks throughout the recent correction in global markets, and, although GCC bourses have undoubtedly suffered, we think they can regain territory and push higher over the coming weeks. With Brent crude oil prices back up to US$74/bbl this morning, and our medium-term bullish position towards global equity markets still in play, we continue to look for gains, selectively, in the Middle East region. With Ramadan approaching, momentum may wane over the next month, but we would not expect any major downside in the short-to-medium term.

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