Hopes that the turn of the year might bring fresh vim and a recovery of sentiment to regional equity markets have been thoroughly dashed.
Apart from Saudi Arabia’s stagnant Tadawul, all Gulf bourses have continued where they left off in 2008, declining to new lows.
Where should investors head for at least some safety? Increasingly, fund managers and analysts are favouring so-called “defensive” sectors that rely little on discretionary spending. These are typically food, low-end consumer goods and telecommunications.
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