‘Haven’ Gulf Shares Find Support From Risks to Global Stocks
- Higher raw material prices and interest rates buoying shares
- Banking and commodity stocks among the beneficiaries
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Some of the same concerns weighing down global equities have been leading stocks in the Persian Gulf to soar this year.
Elevated commodity prices and higher interest rates have led benchmark indexes of oil and gas-rich countries like Saudi Arabia and Qatar to be among the top 10 performers in the world this year. The MSCI GCC Countries Index is outperforming both developed and emerging market gauges and is set for its best quarter since 2016.