Equity funds in GCC up 30 percent in Q2

Equity funds in GCC up 30 percent in Q2

The markets in the region outperformed…

August 23, 2009 2:59 by kippreport

Equity funds registered for sale in GCC markets have increased by 21 percent in the first half of the year as compared to the same period last year, according to the GCC Fund Market Insight Report by research agency Lipper.

“GCC markets outperformed developed markets but underperformed other emerging markets,” said Dunny Moonesawmy, Lipper’s head of Research for the Middle East, in the report. “News at corporate level (the disclosures of payment defaults by Saad Group and Ahmad Hamad Algosaibi & Bros) and at macro-economic level (confirmation of a lighter GCC monetary council) contributed to accrued uncertainties in the market. However, the market should stabilise itself with the acceleration of government spending programmes which should benefit the whole region.”