How will Middle East equities perform in 2006?
After three years of stellar performance, Middle East stock market valuations are looking a bit overstretched, and equities have been more volatile in the second-half of 2005. But oil prices are heading higher, so liquidity is not about to become a problem.
By any account 2005 was an amazing year for stock markets in the Middle East. Egypt came top with a 131% gain, while Saudi Arabia and the UAE both delivered more than 100%, Jordan was up 92%, Kuwait 78%, Qatar 70% and Bahrain a relative laggard, up 23%.
The question is really whether this kind of performance or even a less spectacular gain can be repeated in 2006. Will the profits growth continue to justify such high valuations? And will the oil price continue to justify the high levels of optimism about the economic outlook?
IPO slowdown
In the second half of 2005 there was a notable slowdown in the number of new share issues. Markets became too volatile for investment banks to risk the failure of an initial public offering in many cases.
More: ameinfo.com
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