GCC Equities: Cautious Over Short Term

Despite some pretty awful moves today, we emphasise that the uptrends that have been in play in a number of key GCC markets since early this year remain firmly in play. As a result, we maintain the broadly positive stance we have held towards the Dubai, Qatar and Saudi bourses since March, for now. However, we caution that over a short-term time horizon, the markets could sustain some losses, migrating down to their respective trendline support levels. Any downside moves will likely be exacerbated if the major global equity markets continue to fall. Were the bourses to fall through their

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