The stock markets of Saudi Arabia, Qatar and Oman had a mixed year in 2012. Saudi Arabia’s Tadawul Index pared much of the exceptional gains in the first quarter of the year, to be up only 7% until the close of last week. Qatar, after a strong 2011, remained in the red for most of 2012, with a year-to-date loss of 5.36%. Oman, for the year, also was down 0.34%.
Going into the New Year, fund managers, however, see all the three markets offering value, eyeing specific sectors and stocks.
The upbeat mood of the managers has much to do with positive policy stance across the board. The Gulf governments continuing to accumulate surpluses given the high energy prices, which are above their break even point, and follow their expansionary plans in the physical and human infrastructure are likely to boost company earnings that are expected to positively impact investor sentiment.
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