A spot of cheer amid all the gloom? Or a bit of wishful thinking? Entitled Unfashionably Bullish, a Citigroup report published on Wednesday on the Middle East and North Africa (MENA) paints a surprisingly rosy picture of the region’s equity markets.
The authors argue that investors are exaggerating the region’s political risks - including the threat of a possible Iran war - and underestimating the growth prospects of some of the region’s companies, notably in transport, investment services and consumer markets.
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