GCC Stocks: No End To Downside Yet

September 2008 | Market Strategy

With Gulf equities falling further over the weekend, our bearish view on the region's stock markets continues to play out. The falling oil price (front month Brent crude has now dropped more than US$50/bbl since peaking at over US$147/bbl in mid-July, and we see scope for more falls in the short-to-medium term), the global economic slowdown, and the prolonged turmoil in Western financial markets (as further evidenced by the collapse of Lehman Brothers

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