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Global Mamoun Fund returns 12.3 per cent in May

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The Global Mamoun Fund and Global Local Fund recorded returns of 12.3 per cent and 10.2 per cent respectively in May 2009, according to Global Investment House. 

The Global Mamoun Fund and Global Local Fund recorded returns of 12.3 per cent and 10.2 per cent respectively in May 2009, according to Global Investment House. 

The Global Mamoun Fund has yielded 8.8 per cent during the first five months of 2009, while the Global Local Fund is up eight per cent. Both funds have also outperformed their respective benchmarks.

In addition, the Global GCC Large Cap Fund and the Global GCC Islamic Fund were up 16.8 per cent and 13.1 per cent for the year, respectively, at the end of last month.

The Global Energy, Petrochemicals, and Downstream Industries Fund increased by 19.6 per cent in May to be up 33.5 per cent for the first five months of the year.

Shahid Hameed (pictured), head of GCC Asset Management at Global, says: ‘Our equity mutual funds are amongst the best-performing funds in their respective peer groups so far this year, which is a testament to our long-term commitment to our clients.’

The Gulf markets continued to rally in May with the MSCI GCC Index increasing by 12.9 per cent for the month. Even though the performance of the Saudi Tadawul remained relatively subdued, other markets picked up the slack with the Doha Securities Market, Muscat Securities Market, Kuwait Stock Exchange and Dubai Financial Market all witnessing strong gains.

The Doha market was the star performer in the region, increasing by 24.6 per cent in May. The Kuwait Stock Exchange also performed well after the elections in mid-May, crossing the psychological barrier of 8,000 points and making a new high for the year.

All GCC markets have now posted significant rallies from their lows earlier in the year. In particular, the Doha Securities Market and Saudi Tadawul have witnessed extraordinary gains and are up 65.0 per cent and 42.7 per cent from their lows, respectively.

Hameed says: ‘GCC markets have primarily been driven by a global revival in investor sentiment and higher oil prices. Investors have been encouraged with the sharp rebound in international markets with consensus now developing that the worst might be behind us.’

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