Asset Management Firm, T. Rowe Price released a report stating that Middle Eastern stocks, despite their huge surge last year, remain undervalued with the region’s banks, financials and infrastructure firms an especially attractive bet.
T. Rowe Price launched an Africa & Middle East Fund last September with $570m under management, making it one of many companies looking to boost its exposure to the oil and commodity-rich region. Joseph Rohm, an analyst dedicated to the fund, said the majority of its 30 to 40 stocks were in the Middle East and most of those were financials. He said expected currency revaluations, growing infrastructure spending and China’s growing presence in Africa provides scope for future gains.”We feel that valuation gives a lot of support … We still think of this region as massively undervalued and less volatile than other markets going forward. That will be a big support.”
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