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DUBAI / Reuters
Gulf stock markets may have a firm tone as emerging market funds continue to hunt for bargains. Bank of America Merrill Lynch data released at the end of last week noted investors’ search for yield had led to the largest five-week inflow on record to emerging market debt funds and the longest inflow streak to equity funds in two years.
Wall Street was marginally lower on Monday and Asian stocks are barely changed on Tuesday morning, but oil prices rose significantly overnight, a positive for the Gulf. Brent futures are back around $45.0 a barrel; they have rebounded 8.4 percent from their multi-month low on Aug 2.
Qatari members of the MSCI emerging market index have been outperforming, and this trend may continue. Qatar National Bank has gained 11.9 percent over the last month.