fabric stock   Middle East stock exchanges will trade sideways until the end of the year despite recent bull runs by some local markets as the slowdown in the US and Europe filters through to the region, a senior ING executive said on Sunday.

 Grant Bailey, the chief executive of ING Investment Management in the Middle East, said it will be well into 2009 before institutional investors from the West - put off by the current economic climate globally and regional geopolitical tensions - return to the market.

 Bailey said solid second quarter results had not been reflected in share price movement, an indication that the global downturn was beginning to impact Middle East markets.