MIDEAST STOCKS-Saudi stocks slide as funds turn bearish - Agricultural Commodities - Reuters:
Saudi Arabia's stock market fell sharply
on Wednesday with all its banking shares dropping as receding
fund inflows dampened investor appetite on a day when second
phase of Saudi stocks joined the MSCI emerging markets index.
EFG Hermes said in a note on Wednesday the investment case
for Saudi banks is no longer 'compelling' in their view on the
backdrop of receding passive flows, rates becoming a headwind,
and the emergence of credit quality concerns.
"We think Saudi can drift lower, before finding a support
above the 8k mark. Stock picking would be the name of the game
hereon and companies that deliver good results shall outperform
the broader Index," said Vrajesh Bhandari, senior portfolio
manager at Al Mal Capital.
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