Regional equity traders are looking for cheap picks in Saudi Arabia after concerns over global economic growth and fears of weakness in the local building industry prompted investors to sell.
Analysts say a combination of oil price falls, deeper uncertainty over an ageing leadership and worries about the impact of possible bad loans to the construction industry, are troubling some investors. However, amid the gloom, others are seeing potential bargains.
EFG-Hermes, the largest Arab investment bank picked five companies this week that it says were oversold after the bank downgraded the Saudi stock market on October 9.
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