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Gulf stocks may dip further, say analysts
- Middle East: Wednesday, November 26 - 2008 at 14:16
Stocks in the Middle East may continue to fall as lower oil and real-estate prices weaken economies region, reported Bloomberg. The MSCI GCC Countries Index of 115 gulf companies, already down 57% in 2008, may drop 20% more in the next six months, said Jeff Chowdhry, who helps oversee $150bn at F&C Asset Management. While the deteriorating outlook for profits caused the retreat in Gulf stocks at the start of the year, this month's 20% decline in the MSCI GCC index is mostly the result of sellers who dumped shares to repay loans, according to Oliver Bell, the head of emerging-market specialist equities at Pictet Asset Management.
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Jeff Florian, Senior ReporterWednesday, November 26 - 2008 at 14:16 UAE local time (GMT+4)
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