File - A screen displaying stock market prices is seen at an investment bank in Riyadh in this file photo taken June 9, 2013. REUTERS/Faisal Al Nasser
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Middle East funds are heavily bullish toward Saudi Arabian stocks after news the market will open to direct foreign investment, while they are bearish on the United Arab Emirates because of concern about high valuations.The latest Reuters survey of 15 leading investment managers, conducted over the past 10 days, showed two-thirds expected to raise their equity allocations to Saudi Arabia in the next three months, up from 40 percent in the last survey. "We are not shifting from one market to another; we are rather investing new money in Saudi," Ghanim said.Now 20 percent of fund managers expect to raise their equity allocations to Qatar over the next three months, up from 7 percent in last month's survey. However, managers have become considerably more bearish toward the UAE; only 7 percent intend to increase equity allocations there and 47 percent to decrease them, compared to ratios of 27 percent and 33 percent a month ago.
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