Still Cautious MENA Equities, But Saudi Could Be Due A Short-Term Bounce

Given heightened global risk aversion and elevated volatility, we are not prepared to alter the cautious view of MENA stocks that we have held for several weeks now (see 'Stopped Out Of Dubai Stocks; Going Cautious Region-Wide' April 28 2010). Notwithstanding the current atmosphere of uncertainty, we nonetheless do see some potential for a short-term bounce in our most preferred regional market - Saudi Arabia.

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