(MENAFN - Khaleej Times) Arabtec holding the biggest listed builder in the uae lost the most in more than a year as it was cut to hold from buy at naeem holding.
dubai’s benchmark index fell the most in two months as investors sold shares before msci inc names constituents of its emerging markets index this week. abu dhabi’s measure also retreated.
the dfm general index tumbled 3.1 per cent the steepest drop since march 12 to 5138.86 at the close in dubai. arabtec holding the biggest listed builder in the uae lost the most in more than a year as it was cut to hold from buy at naeem holding.
union properties pjsc fell 6.8 per cent the steepest retreat since august. abu dhabi’s adx general index declined 1.1 per cent while qatar’s qe index rose 0.3 per cent. msci whose indexes are tracked by investors managing about 8 trillion in assets will on may 14 announce the companies and weightings of its emerging markets gauge. the upgrade for stock markets in the uae and qatar will take effect from june. dubai’s benchmark surged 53 per cent this year making it the best-performing gauge among more than 90 tracked by bloomberg. it gained 4.4 per cent last week. arabtec which helped build the world’s tallest tower in dubai tumbled 9.2 per cent to dh6.13. union properties declined to dh2.48. emaar properties the stock with the strongest weighting on dubai’s measure fell two per cent to dh9.95. eshraq properties co. was the the most traded stock and the steepest decliner on abu dhabi’s gauge decreasing 9.4 per cent the most on record to dh1.84.
egypt’s benchmark egx30 index rebounded from the biggest drop in a month adding 0.2 per cent. efg-hermes holding sae rose 1.5 per cent to 13.25 egyptian pounds the highest close since march 26 after completing its divestment plan for six of october development & investment.
saudi arabia’s tadawul all share index fell 0.2 per cent bahrain’s measure lost 0.3 per cent oman’s retreated 0.7 per cent and kuwait’s gauge was little changed.
changes trading session
dubai financial market (dfm) will introduce a pre-closing period to its trading sessions from may 14 that will make closing prices more predictable and eliminate large last-minute swings the bourse said on sunday.
dfm said the move was timed to come ahead of the inclusion of the uae in the list of emerging markets by index compiler msci at the end of this month which is expected to bring more foreign investors to the market. under the new rule orders submitted within the last 10 minutes of trading 1350 to 1400 local time (0950-1000 gmt) will accumulate for completion at closing.