Gulf investors worried Egypt seen pressured | A1SaudiArabia.com

Gulf firms quarterly results will take a back seat to developments in Europe as investors worry about whether Italy and Spain will become the next victims of the euro zone debt crisis and the macroeconomic fallout from such an event.

Corporate results issued so far have done little to spur significant buying with volumes remaining seasonally low. Gulf Arab markets are traditionally quiet during the summer with many market participants on holidays and, this year, reducing positions ahead of the holy month of Ramadan.

“Earnings season is not exciting anybody right now. Nobody is taking a view one way or another,”' said Akram Annous, MENA strategist at Al Mal Capital. “Everything thats going on is very international.”

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