EFG-Hermes Telecom Fund gains 2.1%

Abu Dhabi: The EFG-Hermes Telecom Fund gained 2.1 per cent during the month to bring its year-to-date performance to 6.7 per cent. This compares to a 5.3 per cent decline for the MSCI EMEA Telecom Services Index.

The report by EFG-Hermes said that regional markets rebounded strongly despite increased geopolitical risk in the Middle East, and a more subdued tone across global markets. This was due to Saudi Arabia opening up to foreigners, and the UAE staging an impressive comeback.