Morgan Stanley favors equities in Saudi Arabia, the Persian Gulf’s biggest stock exchange, and Qatar among Middle East and North African markets.
"With risk appetite improving on strong momentum for a global recovery, a robust outlook for oil, reasonable valuation and fund inflows slowly picking up, we are constructive on MENA markets," Morgan Stanley said in a note to clients e-mailed today. "We are most constructive on Saudi Arabia and Qatar," the report said, citing spending plans of the governments.
The bank recommended investors buy shares of Saudi Arabia’s Samba Financial Group, Saudi Pharmaceutical Industries & Medical Appliances Corp., Saudi Arabian Mining Co., Saudi Basic Industries Corp., National Industrialization Co. and Etihad Etisalat Co. Qatar Electricity & Water Co., Emaar Properties PJSC and Kuwait’s National Mobile Telecommunications Co. are also among the bank’s top picks for the region.
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