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MENAFN - Khaleej Times - 03/06/2014
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(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

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