TIDMGIF
RNS Number : 1202F
Gulf Investment Fund PLC
13 July 2021
Legal Entity Identifier: 2138009DIENFWKC3PW84
13 July 2021
Gulf Investment Fund plc ("GIF" or the "Company")
Q2 2021 Investment Report
Gulf Investment Fund plc (LSE: GIF), today issues its Q2 2021
Investment Report for the period 1(st) April 2021 to 30(th) June
2021, a pdf copy of which can be obtained from GIF's website at:
www.gulfinvestmentfundplc.com.
GIF seeks exposure to emerging investment opportunities and
positive fundamental factors in the Gulf Cooperation Council
("GCC") region that have not yet been priced in by the market. The
Company invests in quoted equities in the region as well as
companies soon to be listed. The Investment Adviser invests using a
top-down approach monitoring macro trends and identifying promising
sectors and companies in GCC countries.
The Gulf Cooperation Council comprises: Bahrain, Kuwait, Oman,
Qatar, Saudi Arabia and the United Arab Emirates.
GIF Quarterly Report
3 months ended 30(th) June 2021
Highlights
Ø Net asset value rose 10.6 per cent vs. the S&P GCC
Composite Index up 10.3 per cent
Ø Year to date, net asset value is up 19.0 per cent while the
S&P GCC Index rose 24.8 per cent
Ø Share price trading at a 5.7 per cent discount to NAV vs.
five-year average discount of 12.6 per cent
Ø GCC economies are gradually reopening as vaccine rollout
continues at a rapid pace
Performance
GIF net asset value (NAV) rose 10.6 per cent in the quarter,
while the fund's benchmark, the S&P GCC Index, was up 10.3 per
cent.
The outperformance was attributed to the Fund being overweight
UAE, the region's top performing market with Abu Dhabi gaining 15.6
per cent and Dubai up 10.2 per cent during the quarter.
For the year to date period, GIF underperformed its benchmark by
5.8 per cent. The underperformance was attributed to the fund being
underweight in Saudi Arabia, as Saudi blue-chip stocks, especially
banks, rallied following the announcements related to the nation's
$1.3 trillion Shareek program aimed at boosting private
investment.
On 30 June 2021, the GIF share price was trading at a 5.7 per
cent discount to NAV. The five-year average discount is 12.6 per
cent.
GCC markets in 2Q2021
Gulf Cooperation Council (GCC) markets' performance was in line
with the optimism seen in global equity markets, with gains noted
across all regional indices. The MSCI Emerging Markets Index
recorded a gain of 4.4 per cent during the second quarter of 2021.
The price of oil (Brent) rose 18.2 per cent during the quarter to
US$75 per barrel . GCC markets also rose during the quarter, with
the S&P GCC index up 9.3 per cent, supported by hopes of
economic recovery across the region. Of the GCC markets, Abu Dhabi
rose the most with a gain of 15.6 per cent, followed by Saudi
Arabia with a 10.9 per cent increase. Kuwait, Dubai, and Qatar
gained 10.6 per cent, 10.2 per cent and 3.2 per cent, respectively.
Oman and Bahrain markets rose 9.6 per cent and 8.9 per cent,
respectively.
GIF portfolio structure
Country allocation
GIF's weightings in GCC markets are based on the Investment
Adviser's assessment of outlook and valuation.
Compared to the benchmark, GIF remained overweight Qatar (35.4
per cent of NAV vs. the S&P GCC Qatar weighting of 11.7 per
cent), overweight UAE (20.8 per cent vs S&P GCC of 11.7 per
cent). GIF is underweight Saudi Arabia (39.9 per cent vs S&P
GCC weighting of 63.9 per cent), and Kuwait (2.1 per cent vs
S&P GCC of 10.2 per cent). The fund's cash weighting stood at
1.8 per cent (vs 1.5 per cent as of 31 March).
During the quarter, the Fund's exposure to Qatar increased by
3.4 per cent, while exposure to Kuwait and Oman was reduced by 3.2
per cent and 2.8 per cent, respectively as valuations looked
stretched.
The Fund's overweight position in Qatar is linked to its
macroeconomic resilience, future growth prospects and attractive
valuations. We believe that valuations are inexpensive considering
the North Field Expansion (64 per cent increase in LNG production)
and a rise in economic activity due to FIFA World Cup 2022.
The Fund continues to be underweight and selective in Saudi
Arabia due to its relatively expensive valuations. Following
announcements related to the Shareek program, Saudi blue-chip
stocks (esp. banks) rallied, which resulted in a sharp move in the
broader market. This rally in the markets is primarily driven by
positive sentiments and buoyant liquidity. The Saudi broader market
is trading at P/E multiple of 36.02x as compared to MSCI EM
multiple of 17.07x (as of 30 June 2021).
GIF ended the quarter with 31 holdings: 18 in Saudi Arabia, 7 in
Qatar, 5 in the UAE, and 1 in Kuwait (vs. 36 holdings in 1Q2021: 17
in Saudi Arabia, 7 in Qatar, 6 in the UAE, 4 in Kuwait and 2 in
Oman).
Please refer to the IMS on the Company's website
https://www.gulfinvestmentfundplc.com/publications/quarterly-reports/
for a Chart: GIF Country Allocation as of 30 June 2021.
Portfolio
Top 5 holdings
Company Country Sector % share of GIF NAV
Qatar National Bank Qatar Financials 6.7%
--------- ------------- -------------------
Emaar Properties Company UAE Real Estate 6.6%
--------- ------------- -------------------
Industries Qatar Qatar Industrials 6.6%
--------- ------------- -------------------
Commercial Bank of Qatar Qatar Financials 6.5%
--------- ------------- -------------------
Al Khaleej Commercial Bank Qatar Financials 5.5%
--------- ------------- -------------------
Source: QIC
As Covid-19 vaccination programs are gaining momentum globally,
the stage is set for a recovery in the second half of the year and
into 2022. Phased unlocking of the GCC economies has helped in
recovery across sectors and is likely to gain momentum moving
forward. The Investment Adviser seeks to identify companies which
are likely to benefit from the expected recovery. However,
expectations are that markets will remain volatile in the near
term, and the Investment Adviser's focus remains on companies with
solid balance sheets and stable cash flows, at attractive
valuations.
During the quarter, the Investment Adviser made a new investment
in Qatar National Bank (QNBK) and increased exposure to Emaar
Properties (EMAAR) as valuations looked attractive. Moreover, the
Investment Adviser marginally increased exposure to Industries
Qatar, while marginally reducing exposure to Qatar Insurance.
Qatar National Bank (QNBK) is the largest bank in the Middle
East and Africa (MEA) region with a presence in 31 countries. The
bank is geographically diversified with stable growth (2011-2019
net profit CAGR of 7.5 per cent) and a high return on equity (2019:
c.19 per cent), 53 per cent of domestic loan-market share and
strong government support (52 per cent controlled by government
entities), which supports the case for a strong lending pipeline
for the bank in coming years. Focused on public sector and high-end
corporate clients, QNB maintains a strong balance sheet backed by
comfortable capital and liquidity as well as low asset quality
risk, with non-performing loans at one of the lowest levels among
large financial institutions in the MEA region (2.1 per cent).
Emaar Properties (EMAAR) is the UAE's largest real estate
developer. The Group's business encompasses UAE & International
Development, Emaar Malls, Emaar Hospitality, and Entertainment
& Leasing. The brand EMAAR has a varied retail asset portfolio,
which includes the Burj Khalifa, Dubai Mall, and Dubai Fountain.
The reopening of the economy is expected to boost demand for retail
operators. Additionally, the recovery in the real estate sector
supported by the strong property sales will support topline growth.
EMAAR also has a growing presence in international markets such as
India, Egypt, KSA, and Turkey. Furthermore, the developer has a
strong balance sheet, a strong credit profile, substantial debt
coverage, and has generated significant brand loyalty.
Industries Qatar (IQ) mainly operates in steel, petrochemicals,
and fertilizers sectors. The significant uptick in commodity prices
along with the growth momentum prompted by the easing of lockdown
related restrictions is expected to have positive impact on the
company's earning trajectory. In addition, we expect a favorable
financial impact on IQ's earnings following the recent acquisition
of the remaining 25 per cent stake in its Fertilizer JV "QAFCO" and
the extension of feedstock gas arrangements until 2035.
Furthermore, IQ may seek similar opportunities, acquiring remaining
stakes in other JVs which would give the company more exposure to
petrochemicals.
Commercial Bank of Qatar (CBQ) is the second-largest commercial
bank in Qatar. As part of its 5-year turnaround strategy, it is
strengthening its balance sheet by cautiously managing its risk
exposure. Under its diversification strategy, CBQ has expanded its
GCC footprint through strategic partnerships with associated banks,
which include the National Bank of Oman (NBO) in Oman, United Arab
Bank (UAB) in the UAE and its subsidiary Alternatifbank in
Turkey.
Al Khaleej Commercial bank (KCBK) is a commercial bank
headquartered in Doha. Qatari government entities are major
shareholders in the bank. KCBK's principal business activities
include wholesale banking, treasury services, and personal banking.
KCBK and MARK recently approved their merger agreement which will
create the largest Islamic Bank in Qatar with combined assets of
US$49 billion, as of 2020.
Sector allocation
Please refer to the IMS on the Company's website
https://www.gulfinvestmentfundplc.com/publications/quarterly-reports/
for a Chart: GIF Sector Allocation as of 30 June 2021.
The Investment Adviser increased exposure to the financial
sector as valuations became attractive; as a result, financials
became the Fund's largest exposure at 33.5 per cent from 29.5 per
cent at the end of Q1. The Investment Adviser believes that most
GCC banks have strong capital and liquidity buffers to safeguard
them from systematic risk. However, lower interest rates along with
an expected increase in non-performing loans could impact
profitability in the near term. As such, GIF remained underweight
the sector.
The Investment Adviser also increased exposure to the Materials
sector to 12.7 per cent of NAV (vs 5.4 per cent in 1Q 2021) and the
Consumer sector to 9.5 per cent of NAV (vs 7.0 per cent in 1Q
2021), while investments in the communication and healthcare sector
were all sold.
GCC: Rapid Vaccine Rollout and Oil Price Recovery to Support
Economic Growth in the Region
The IMF, in its Regional Economic Outlook April 2021, has
revised upward the GDP growth rate of GCC countries by 40 bps to
2.7 per cent for 2021, followed by 3.8 per cent in 2022. The
better-than-expected recovery of the GCC economies is underpinned
by the expectation of the GCC countries inoculating significant
parts of their population by the end of 2021, with most of these
countries initiating their vaccine rollout at the end of 2020 or
early 2021. In addition, the recovery in oil prices, led by
improving demand outlook, is expected to result in a gradual easing
of fiscal deficits across the region.
The IMF has also forecasted a 0.7 per cent increase to 16.29
million bpd in average crude production in the GCC in 2021 that is
expected to be followed by a much bigger increase of 5.4 per cent
to 17.17 million bpd in 2022, due to further easing of production
curbs. As a result, oil GDP for the GCC region was revised up by 40
bps to expected growth of 1.6 per cent in 2021.
Table: IMF Real GDP Growth Forecast 2021 and 2022
Real GDP Growth 2018 2019 2020 2021e 2022e
GCC 1.9% 0.7% -4.8% 2.7% 3.8%
----- ------ ------ ------ ------
GCC Oil GDP 2.4% -1.4% -6.0% 1.6% 4.3%
----- ------ ------ ------ ------
GCC Non-oil GDP 1.7% 2.4% -3.9% 3.5% 3.4%
----- ------ ------ ------ ------
Source: IMF World Economic Outlook and Regional Economic Outlook
April 2021
Non-oil GDP is expected to drive the recovery for the region in
the short term. The increase in oil prices is expected to boost
confidence and, in turn, support non-oil GDP, which is projected to
expand by 3.5 per cent in 2021.
GCC Vaccination Update
The UAE remains a leader within the GCC and the world with its
vaccination program. Apart from the UAE, Bahrain's program is the
most advanced within the GCC on a per capita basis. Other nations
in the GCC are also continuing their vaccination programs at pace
and are approving more vaccine types as they look to speed up
immunizations.
Table: GCC Vaccination Update
Vaccination by country Doses Administered
Per 100 people Total (Millions)
--------------- -----------------
UAE 155 15.36
--------------- -----------------
Bahrain 125 2.13
--------------- -----------------
Qatar 110 3.18
--------------- -----------------
Saudi Arabia 52 18.02
--------------- -----------------
Kuwait 73 3.10
--------------- -----------------
Oman 21 1.06
--------------- -----------------
Source: Official data collated by Our World in Data as of July
1,2021.
GCC Fiscal Deficit to Markedly Shrink in 2021
The fiscal position in GCC nations came under pressure in 2020
due to the lower oil prices and reduced production, as well as
higher pandemic-related spending, which resulted in a deficit of
9.2 per cent of the region's GDP. However, and with a recovery in
oil prices driven by firming demand, fiscal balances are expected
to improve, reflecting higher oil revenues. The IMF's upgrade of
global economic growth also bodes well for a speedy recovery of the
oil market in 2021. The increase in oil prices, along with GCC's
unwavering commitment to continue expanding non-oil revenues, is
expected to markedly improve GCC nation fiscal positions. The IMF
also forecasts a steep improvement in the region's deficit from 9.2
per cent of GDP in 2020 to 3 per cent in 2021 and shrinking further
to 1.4 per cent by 2022.
Table: General Government Fiscal Balance
% of GDP 2018 2019 2020 2021e 2022e
Bahrain -11.8 -9.0 -18.3 -9.1 -9.4
------ ----- ------ ------ ------
Kuwait 9.0 4.4 -9.4 -6.8 -4.5
------ ----- ------ ------ ------
Oman -8.3 -6.7 -17.3 -4.4 -1.5
------ ----- ------ ------ ------
Qatar 5.9 4.9 1.3 1.4 7.3
------ ----- ------ ------ ------
Saudi Arabia -5.9 -4.5 -11.1 -3.8 -2.5
------ ----- ------ ------ ------
UAE 1.9 0.6 -7.4 -1.3 -1.1
------ ----- ------ ------ ------
GCC -1.6 -1.6 -9.2 -3.0 -1.4
------ ----- ------ ------ ------
Source: IMF Regional Economic Outlook April 2021
OPEC+ to Ease Output Cuts
During the quarter, the OPEC+ alliance agreed to gradually ease
oil production cuts and affirmed a plan to add 2.1 million bpd of
supply from May to July. The increase in production will also
include Saudi Arabia incrementally unwinding its voluntary
additional cuts of 1 million bpd that it introduced for February to
April. Furthermore, OPEC+ plans to moderately increase output in
the second half of 2021 as demand led recovery picks up across the
globe. However, the output rise is not likely to be detrimental to
prices, as demand growth is expected to outpace supply gains. The
alliance estimates global oil demand to rise by 6 million bpd in
2021.
GCC Countries Fiscal Breakeven Oil Price (2021E)
Please refer to the IMS on the Company's website
https://www.gulfinvestmentfundplc.com/publications/quarterly-reports/
for a Chart: GCC Countries Fiscal Breakeven Oil Price (2021E).
The IMF expects a decline in fiscal breakeven oil prices across
the GCC countries, except for Kuwait, which is likely to see its
fiscal breakeven price rise to US$69.3 per barrel (vs US$68.1 in
2020) due to financial pressure. Qatar is anticipated to have the
lowest fiscal breakeven oil price of US$43.1 in the region. The
recent increase in oil price, with levels now nearing or above
fiscal breakeven prices, is expected to provide some fiscal
stability to GCC sovereigns. Higher oil prices, if sustained during
the rest of the year, are expected to largely reduce the borrowing
needs of GCC governments. Furthermore, higher oil prices will also
increase the resources available to advance economic
diversification projects.
Saudi Arabia aims to raise US$55 billion through its
privatization program over the next four years. The Kingdom has
identified a portfolio of 160 projects across 16 sectors for
privatization, including asset sales and public-private
partnerships, through to 2025. Asset sales will include television
broadcasting towers, government-owned hotels, and desalination
plants. It expects to secure US$38 billion through asset sales and
US$16.5 billion through public-private partnerships, as the
government seeks to increase revenue and reduce its budget deficit.
Additionally, Saudi Arabia launched the second version of Nitaqat
with a goal to employ 340,000 Saudi nationals by 2024. The program
is aimed at developing and increasing the efficiency of the labor
market and providing job opportunities domestically.
The UAE government announced the implementation of the amended
Commercial Companies Law starting from June, allowing 100 per cent
foreign ownership of UAE companies. It is expected that this
decision will enhance the country's competitive edge and boost
investor confidence. The amendment is the latest in a series of
measures aimed at liberalizing business activity and attracting
international investment to the Emirates. In addition, amid a push
for economic diversification, Abu Dhabi plans to invest US$6
billion in its Culture and Creative Industries (CCI) over the next
five years. The performing arts, music, media, and electronic
gaming sector in the Emirates is also expected to see further
investments through various programs and initiatives.
Qatar approved a draft law that would allow up to 100 per cent
foreign ownership of listed companies in Qatar, with individual
companies permitted to approve their own foreign ownership limits.
Once implemented, the decision could trigger inflows of about
US$1.5 billion into listed companies and would earn bigger
representation in global benchmarks for Qatar, according to an
estimate by investment bank EFG-Hermes. This is also expected to
have a substantial impact on the overall Qatari capital markets
resulting in a boom for existing investors and domestic financial
firms. The nation also extended pandemic-related financial support
for private businesses, particularly the National Guarantees
Programme through the end of September 2021. Further, the interest
grace period for the National Guarantee Programme was also extended
for an additional year to cover two years without interest until
April 2022.
Qatar's North Field Expansion Project is estimated to boost
economic growth as it moves ahead with its twin-phased plan to
increase liquefied natural gas production capacity. Spending
reached a record high on the back of the US$13 billion Qatargas
project, an LNG process trains project awarded in 1Q2021.
Furthermore, Qatar Petroleum is expected to sign the bulk of its
project-related deals by the end of 2021. The LNG investment
pipeline along with continued spending on infrastructure projects
for FIFA World Cup 2022 is likely to increase non-hydrocarbon GDP
growth.
GCC Bourses Set for Robust IPO Activity
GCC nations are expected to witness a flurry of IPOs, as the
roll out of various initiatives relating to business ownership and
listing requirements are likely to bolster primary markets within
the region. In addition, with countries gradually exiting
lockdowns, a degree of investor confidence is returning, as GCC
markets saw 5 IPOs raising US$571 million in Q1 2021. The number of
companies set to debut on Gulf markets is expected to increase in
the second half of 2021, as businesses queue up to list on the
local stock exchanges. Saudi firm Tanmiah Food Co. has launched its
IPO expecting to raise as much as US$118 million. Mubadala's
satellite company, Yahsat, is likely to raise around US$810 million
and will be the first major IPO on the Abu Dhabi bourse since 2017.
Meanwhile, the Qatar Stock Exchange is set to launch the QE Venture
Market aimed at SMEs that do not fulfil the listing requirement of
the main market to give them an alternative fundraising option.
Other Recent Developments
UAE Rating Update
Rating agency, Moody's, has affirmed UAE's Aa2 sovereign rating
while maintaining a stable outlook supported by the relatively
muted impact of the pandemic on the federal government's fiscal
strength.
Bahrain Rating Update
Moody's has cut Bahrain's outlook to negative from stable and
maintained its B2 sovereign rating. The change of outlook is due to
larger than earlier expected weakening in fiscal metrics.
S&P also revised Bahrain's outlook to negative from stable,
citing insufficient pace of fiscal reforms to stabilize its
finances and external debt. However, the agency affirmed Bahrain's
rating at B+.
UAE Central Bank Extends TESS Stimulus Package Until June
2022
The UAE Central Bank has extended the validity of the Targeted
Economic Support Scheme (TESS), until mid-2022 from June 30, 2021
earlier, to ensure financial and monetary stability.
Saudi Arabia Sets Up New Bank to Boost Financing for SMEs
Saudi Arabia has set up a bank dedicated to small and
medium-sized enterprises (SMEs) bringing together all financing
solutions under one umbrella enabling SMEs to access appropriate
financing while achieving stability and growth.
Saudi Arabia Has No Plans to Introduce Income Tax, VAT Increase
is Temporary
The Saudi Crown Prince revealed that Saudi Arabia is not
planning to introduce income tax and described the current 15 per
cent VAT as a temporary measure, which could fall to 5-10 per cent
within the next five years.
Oman Bond Issuance
The Oman government issued US$1.75 billion 9-year bonds paying
4.875 per cent, after drawing more than US$11.5 billion in demand.
The huge demand for the bonds is an encouraging indicator for its
ability to fund its budget and avoid debt stress this year.
Cost of Doing Business in Dubai to be Reduced by 30 per cent
The Crown Prince of Dubai has issued directives to reduce
government procedures for doing business by 30 per cent within the
next three months. The move is aimed to reduce the cost of
conducting business and accelerating the pace of the Emirate's
recovery.
Bahrain Extends Support Program for Businesses Impacted by Covid
Pandemic Until August 2021
From June, Bahrain has extended its government support program
for businesses affected by the pandemic for another three months.
The businesses benefiting from this program include cinemas and
entertainment venues, gyms, coffee shops, hair salons and
kindergarten.
Saudi Arabia Announces 'Nafes' Platform to Boost Private Sector
Investment in Sports
Saudi Arabia launched 'Nafes' platform with the aim of boosting
private investments in the Kingdom's sports sector. The platform
allows domestic and foreign investors to establish and expand
sports clubs, academies, and private gyms by issuing licenses.
Saudi Arabia Announces Incentives to Encourage Company Listings
on Saudi Stock Exchange
The Saudi Authority for Industrial Cities and Technology Zones
(MODON) has launched a set of incentives to encourage companies to
list shares on the Saudi Stock Exchange (Tadawul). The incentive
includes providing priority to industrial firms seeking a share
listing to obtain land plots and factories.
Saudi PIF Plans Airline Launch, May Build a New Airport in
Riyadh
Saudi Arabia is considering building a new airport in Riyadh, to
serve as a base for a new airline that The Public Investment Fund
(PIF) is looking to launch. With the launch of the airline, the PIF
seeks to tap the huge potential of the travel industry as it
expects a vast increase in tourist arrivals.
Qatar Petroleum Raises US$12.5 Billion Through a Multi-tranche
US Dollar Bond Issuance
Qatar Petroleum (QP) raised US$12.5 billion in a jumbo four-part
bond sale with tranches maturing in 5, 10, 20 and 30 years (drawing
US$41 billion in orders). It sold $1.5 billion in a five-year
portion at 50 bps over US Treasuries (UST), $3.5 billion in 10-year
paper at 90 bps over UST, $3.5 billion in 20-year notes at 3.15 per
cent and $4 billion in 30-year Formosa bonds at 3.3 per cent. QP is
issuing dollar bonds for the first time in 15 years as it seeks to
boost its liquefied natural gas (LNG) output.
Outlook
As the vaccination campaign gathers pace in the GCC, the
Investment Adviser believes that economic recovery is now gaining
momentum with a sustained flattening of the Covid-19 curve and
steady uptick in consumer sentiment. Proactive measures taken by
the GCC governments to address the pandemic and its economic impact
seems to be bearing fruit and all the Gulf states have begun
reopening their economy in a phased manner.
Against the backdrop of increasing global optimism, we believe
that the GCC economies will begin to recover, with rising global
oil prices helping to restore the fiscal and external positions and
boosting confidence in the overall economy of the region. Also, as
the oil price is above breakeven for most GCC countries, it
provides the comfort to pace the diversification and spending
plans. This, coupled with large capital reserves will help maintain
key public spending. The IMF expects growth in the region to resume
at 2.7 per cent in 2021, and further improve to 3.8 per cent in
2022.
The Investment Adviser believes that investing in the region is
not just all about oil. It is about diversification, infrastructure
spending, expansion of the non-oil and gas sector, privatization,
and economic, social, and capital market reforms. The ongoing
socio-economic/structural reforms in Saudi Arabia continues to open
up opportunities for long term investors. The Shareek Programme,
which is a part of the Kingdom's SAR27 trillion investment plan, is
expected to boost economic growth and strengthen the private
sector. In the near term, events such as FIFA World Cup 2022, and
large-scale infrastructure projects such as NEOM City, the Red Sea
project, and the North Field Gas expansion project could propel
economic prosperity in the region. Over 1.7 million people could
visit Qatar during the tournament from what could be the world's
first post-Covid mass audience sporting event. Additionally, the
pandemic has opened opportunities to many sectors looking for
consolidation to form stronger entities in order to gain market
share and improve operational efficiency.
Overall, these opportunities are compelling when compared to
investment opportunities elsewhere because of the recent strong
rally in the global equity markets. Additionally, one should not
ignore the dollar-linked superior dividend yield in the region. GCC
markets typically outperform global/EM during risk-off periods,
after the initial sharp recovery. This flows from their defensive
qualities, which include higher local participation, US$-pegged
currencies, low betas versus EM, and low correlation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDMZGMNDFLGMZM
(END) Dow Jones Newswires
July 13, 2021 11:00 ET (15:00 GMT)
Gulf Investment (LSE:GIF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gulf Investment (LSE:GIF)
Historical Stock Chart
From Jul 2023 to Jul 2024