More Equity Losses Ahead

The weekend has seen some spectacular losses in the Gulf stock markets, in line with our bearish view. There is not much to pick between them: they all look as bad as each other, and we see further losses for Saudi Arabia, Kuwait, Qatar, Bahrain. Dubai, Abu Dhabi and Oman over the coming weeks (even if we see a small-scale corrective bounce today). We think oil prices have further to decline, and market sentiment is still against the region's

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