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Middle East funds are bullish on Saudi Arabia's stock market despite concern it is getting richly valued, while they think the United Arab Emirates has bottomed out after a volatile few months, a Reuters survey showed.That has left the overall market looking fully valued to many funds.Muhammad Shabbir, head of equity funds at Rasmala Investment Bank in Dubai, said: "Saudi is already overvalued, but I see value still in telecoms and conventional banks".The survey of 15 leading investment managers, conducted over the past 10 days, showed 47 percent expected to raise their equity allocations to Saudi Arabia over the next three months, while only 7 percent expected to reduce them.It still made Saudi Arabia the most optimistic market in the latest survey, by a considerable margin.The latest survey also showed fund managers split on Middle East fixed income as global markets prepare for U.S. interest rate rises as soon as next year.
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