Equity Upside Potential Limited By Banks

Having fallen to a six-month low of 6,472 in late January, Qatar's DSM 20 Index has since rallied, closing on February 3 at 6,741. Despite these gains, we are not ready to adjust our cautious-to-negative stance towards Qatari equities just yet. Indeed, the index is still tracking within a broad, multi-month downtrend channel.

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