Mubasher, a leading provider of brokerage services in the Middle East, said its 'Mena Favorite List' (Mena FL) has generated a total return of more than 33.28 per cent in US dollar's outperforming benchmark (Dow Jones Mena total return) by 14.08 per cent.

Mubasher’s Mena FL continues to beat main Arab indices: Since its inception on November 25 last year, it has generated a total return of over 33.28 per cent in 5 months, outperforming our benchmark (Dow Jones Mena Total Return) by over 14.08 per cent.

In April 2014, Mubasher’s Mena FL included 25 stocks, with its outstanding performance driven by four UAE stocks – most notably Arabtec which doubled in almost three months – and two Egypt stocks (TMG Holding and EFG Hermes Holding.

Mubasher’s Financials and Real Estate picks were the top performers, reflecting the positive sentiment on both sectors.

The Saudi stock National Industrialization Company (Tasnee) has been added to the list due to its diversified business model operating a range of sectors from steel to chemicals and petrochemicals.

In partnership with other industry players, Tasnee has a significant pipeline of new projects coming on line between 2014 and 2017.

Amr Hussein Elalfy, the global head of research at Mubasher Financial Services, said: "Our rigorous bottom-up research model is generating significant returns for our MENA Favorite List and aligned investors. Going forward, as we increase our allocation to Saudi Arabia, we are rebalancing our MENA FL by readjusting all stocks on the list to equal weights."

"We start May 2014 with a total of 26 Mena stocks, eight (31 per cent) in the UAE, seven (27 per cent) in Saudi Arabia, six (23 per cent) in Egypt, four (15 per cent) in Qatar, and one (4 per cent) in Jordan. We look forward to providing further Mena FL updates in due course," he added.-TradeArabia News Service