MIDEAST STOCKS-Gulf outperforms emerging market slump, petchems boost Saudi | Reuters:
Gulf stock markets mostly rose in early trade on Monday, outperforming a fresh slump in emerging markets globally, with petrochemical blue chips pushing up Saudi Arabia.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1 percent. Gulf markets have not escaped the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region’s currency pegs, they can ride out the instability relatively comfortably.
Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, said last week’s losses in Gulf markets were “a technical correction which creates an indiscriminate sell-off”. The fundamental case for most stocks in Al Mal’s portfolio has not changed, he said.
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