MIDEAST STOCKS-Gulf outperforms emerging market slump, late sales hit Saudi | Reuters

MIDEAST STOCKS-Gulf outperforms emerging market slump, late sales hit Saudi | Reuters:

Gulf stock markets mostly rose on Monday, outperforming emerging markets globally, though Saudi Arabia closed lower because of a wave of selling in the final hour.

MSCI’s emerging market index was down 0.9 percent. Gulf markets have been weakened by 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 instability relatively comfortably.

Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, called last week’s losses in Gulf markets a technical correction. The fundamental case for most stocks in Al Mal’s portfolio had not changed.