Saudi Arabian banking and consumer stocks offer a buying opportunity after this month’s drops, due to succession concerns, were overdone given the nation’s growth outlook, T. Rowe Price Group Inc.’s regional fund manager said.
Saudi Arabia’s benchmark stock index, the Arab world’s biggest, rose from a 10-month low on bets selling this month prompted by concern about the king’s health was overdone given the country’s economic prospects.
As politicians around the world take steps to curb profits at the biggest lenders, Qatar National Bank SAQ is producing the best risk-adjusted returns by increasing ties with the government, its largest customer.
Saudi Arabia appointed Adel Al-Ghamdi as chief executive officer of the Arab world’s largest stock exchange, amid bets the kingdom will open its $416 billion market to foreign investors as early as next year.
Egypt’s credit risk is falling to the lowest level since anti-government protests began two weeks ago and international borrowing costs are dropping as the nation’s biggest political crisis in three decades eases.
The cost of insuring against a default by Bahrain surpassed Lebanon for the first time since July 2009 as officials declared a state of emergency and Fitch Ratings lowered the Persian Gulf nation’s credit rating.