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[size=36]Middle East funds plan to cut investments in Saudi Arabia[/size]
Economy | 09:15 - 01/08/2019
Follow up - Mawazine News
Middle East funds are planning to cut their investments in Saudi Arabia and increase them in the UAE, while maintaining current levels in other countries in the region, such as Qatar, Egypt, Turkey and Kuwait, Reuters reported.
A Reuters poll said 60 percent of fund managers surveyed said they would cut their investments in Saudi Arabia.
The main index of the Saudi stock market suffered last Monday its biggest one-day loss in a month, amid reports of weak results, before returning to a relative recovery in Wednesday's session.
Economists in a Reuters poll forecast that the kingdom's GDP would grow 1.7 percent this year.
"Looking at the future, two major components of the Saudi index will face significant adverse winds," said Mohamed Al-Gamal, general markets manager at Waha Capital in Abu Dhabi. "The petrochemical sector will face weak demand and the banking sector will suffer from lower profitability due to lower interest rates.
"We believe early this year that the shares of big Saudi companies have gone up significantly more than their value based on fundamentals," said Farajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. "It is difficult to justify" further growth.
Talal Samhouri, head of asset management at Amwal in Doha, said: "We believe there will be a final upward trend for the Saudi market for the next few months supported by foreign inflows.
Saudi Arabia's budget deficit widened in the second quarter of this year compared to the same period in 2018, at around $ 9 billion, according to data published by Saudi Arabia on Tuesday.
A Reuters poll said 60 percent of fund managers surveyed said they would cut their investments in Saudi Arabia.
The main index of the Saudi stock market suffered last Monday its biggest one-day loss in a month, amid reports of weak results, before returning to a relative recovery in Wednesday's session.
Economists in a Reuters poll forecast that the kingdom's GDP would grow 1.7 percent this year.
"Looking at the future, two major components of the Saudi index will face significant adverse winds," said Mohamed Al-Gamal, general markets manager at Waha Capital in Abu Dhabi. "The petrochemical sector will face weak demand and the banking sector will suffer from lower profitability due to lower interest rates.
"We believe early this year that the shares of big Saudi companies have gone up significantly more than their value based on fundamentals," said Farajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. "It is difficult to justify" further growth.
Talal Samhouri, head of asset management at Amwal in Doha, said: "We believe there will be a final upward trend for the Saudi market for the next few months supported by foreign inflows.
Saudi Arabia's budget deficit widened in the second quarter of this year compared to the same period in 2018, at around $ 9 billion, according to data published by Saudi Arabia on Tuesday.
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