Taking Stock: Key Views Update

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Gulf markets suffered fairly dramatic losses on Sunday and Monday, in line with global price action. That said, there are some positive signals from European markets this morning, Brent crude is back above the psychologically key US$50/bbl level (just), and the monthly charts of both global and MENA stock markets still show potential. We hold to our bullish views for now, but highlight key support levels. However, while we still like Abu Dhabi, Egypt and Qatar more than Oman and Bahrain, we now add Saudi Arabia to the latter group.