Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai lifted by emerging market status  Join our daily free Newsletter

MENAFN - Khaleej Times - 03/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Dfm at near 3-week high driven by funds from money managers

close on the heels of the msci market upgrade coming into effect on monday dubai’s benchmark dfm general index rose 1.9 per cent to 5151.21 the highest close since may 15 driven by funds from money managers tracking the msci emerging markets index.

as international markets opened on the first day the reclassification of the uae and qatar by the global index compiler emaar properties the stock with the biggest weighting on the index jumped 3.5 per cent. arabtec holding climbed 3.1 per cent before closing 0.9 per cent higher. the dfm the world’s best-performing bourse in 2013 has surged 53 per cent this year.

abu dhabi’s bourse however retreated 0.5 per cent as most of its msci components pulled back. shares in national bank of abu dhabi slid 1.6 per cent first gulf bank fell 1.1 per cent and aldar properties was down 0.2 per cent.

the msci emerging market index followed by investors managing about 8 trillion in assets has inducted nine stocks from the uae and 10 from qatar into its emerging market index in the long-awaited upgrade of the two markets from market status.

with the reclassifications the uae has a 0.58 per cent weighting while qatar has 0.47 per cent in the msci emerging market index which features over 800 listed companies in 21 markets across the developing world.

the new york-based msci has selected nine companies from the uae including abu dhabi commercial bank aldar properties arabtec dp world dubai financial market dubai islamic bank emaar properties first gulf bank and national bank of abu dhabi.

five of the 10 stocks selected from qatar included banks including al rayan bank barwa real estate commercial bank of qatar doha bank ooredoo qatar electricity and water qatar industries and qatar islamic bank.

a broad consensus among most analysts is that there will be 1.5 billion to 2 billion boost in fund flows into the uae and qatar markets together over the next 12 to 18 months. hsbc holdings said in a note on may 12 that the reclassification might attract more than 905 million to the stocks listed in the uae and 649 million to qatar.

meanwhile qatar’s bourse fell on monday because of profit-taking.

the doha index fell 1.1 per cent from sunday’s all-time closing high of 13551.18 points underperforming the region. stocks that had jumped as they became part of msci’s emerging market index last week were among the main drags.

on sunday the qatar stock exchange broke all records as its key index neared the 13700-point mark on almost-tripled volumes.

foreign institutions’ net buying grew more than nine-fold to qr1.33 billion the highest one-day purchase by value leading the 20-stock qatar index to surge 2.06 per cent.

— issacjohn?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Sep 27 2016 - UAE Consul-General and Chief Executive of Hong Kong discuss relationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) HONG KONG, 27th September, 2016 (WAM) -- Nabila Al Shamsi, UAE Consul-General to the Hong Kong Special Administrative Region, and Leung Chun-Ying, Hong ...

 Sep 27 2016 - Dubai Municipality opens Grow Your Food campaign with FAO participationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 27th September, 2016 (WAM) -- The Food and Agriculture Organisation, FAO, of the United Nations has announced its participation in the "Grow Your ...

 Sep 27 2016 - 8th UAE Cancer Congress to discuss effective and safe immunotherapiesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 27th September, 2016 (WAM) -- Over 1,500 participants from around the world are to take part in the 8th UAE Cancer Congress, held under the theme, ...

 Sep 27 2016 - UAE- ADGM collaborates with Jordan Securities CommissionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 27th September, 2016 (WAM) -- The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, and Jordan Securities ...

 Sep 27 2016 - UAE official discusses cooperation with Laotian Vice-MinisterEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) VIENTIANE, 27th September, 2016 (WAM) -- Khaled Ibrahim Abdul Aziz Shuhail, UAE Ambassador to the Socialist Republic of Vietnam and Non-Resident Ambassador ...

 Sep 27 2016 - UAE University and UNDP to issue report on human developmentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AL AIN, 27th September, 2016 (WAM) -- The United Arab Emirates University, UAEU, has agreed a cooperation project with the United Nations Development ...

 Sep 27 2016 - UAE- Ajman Ruler receives Chinese economic delegationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 27th September, 2016 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has received a delegation ...

 Sep 27 2016 - UAE- Saif bin Zayed meets Mauritanian Minister of InteriorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 27th September, 2016 (WAM) -- H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, met yesterday ...

 Sep 27 2016 - Final call for entries to Expo 2020 Dubai photography competitionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 27th September, 2016 (WAM) -- The photography competition for GCC youth, launched by Expo 2020 Dubai in collaboration with the Hamdan bin Mohammed ...

 Sep 27 2016 - Oman Crude Oil Financial Contract closes at US$43.83Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 27th September, 2016 (WAM) -- The price of Oman Crude Oil Financial Contract, DME Oman, for November delivery, closed at US$43.83 a barrel at Dubai ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help