GCC Stock & Debt Market Outlook 2017

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Stock market returns for the GCC region, in 2016, with the exception of the UAE were either flat or marginally negative. As a result of this the stock.....

Summary

Stock market returns for the GCC region, in 2016, with the exception of the UAE were either flat or marginally negative. As a result of this the stock valuation levels have drifted away from the fundamental values. We are Neutral on most GCC markets except Qatar, which we are Negative on account of poor corporate earnings and lower market liquidity.
 
We expect more bond issues to happen in 2017. The Saudi Arabian government reaffirmed its commitment to support the economy by budgeting for USD 240Bn in spending compared with 2016’s budget of USD 226Bn. The deficit will continue to be financed by using a combination of withdrawals from government reserves as well as through a series of domestic and international debt. Kuwait has planned a sovereign bond issue of up to USD 10bn in 2017. Kuwait first expressed its plan to issue as much as USD 10bn of U.S. dollar-denominated conventional and Islamic bonds in international markets to help plug its budget deficit for the current fiscal year ending in March-2017.

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GCC Stock & Debt Market Outlook 2017

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