Quotes: US 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 21 2014 - Costa Rica's Foreign Trade Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Minister of Foreign Trade of the Republic of Costa Rica Alexander Mora Delgado met here Sunday with HE Qatar's Ambassador to Costa Rica Jaber Ali Al Adhba. During the meeting, ...

 Sep 21 2014 - Former US President Backs Fight Against ISISQatar News Agency
(MENAFN - QNA) Former US President Bill Clinton said Sunday he backed Obama's strategy to end the threat of ISIS. Clinton said that the Iraqi government is now more representative compared to the ...

 Sep 21 2014 - Summary of Saturday Local NewsQatar News Agency
(MENAFN - QNA) A summary of local news released Saturday by Qatar News Agency. - HE the Minister of Foreign Affairs Dr. Khalid bin Mohammed Al Attiyah described the formation of a new government in ...

 Sep 21 2014 - Summary of Saturday Local News- 1-Qatar News Agency
(MENAFN - QNA) - Kyrgyz Minister of Education Kanat Sadykov arrived in Doha on a working three-day visit to Qatar. HE Dr Mohammed bin Abdul Wahid Al Hammadi, Minister of Education and Higher ...

 Sep 21 2014 - Dubai property transactions down 22 percent in July-AugMENAFN
(MENAFN) The Dubai real estate market registered a decrease by 22 percent in the total value of property transactions during July and August compared to the same months last year while rents ...

 Sep 21 2014 - Online abuse of spouses after separation rappedArab News
(MENAFN - Arab News) Grand Mufti Abdul Aziz Al-Asheikh has warned people against defaming their spouses or in-laws on social networking sites saying such publicity could destroy families complicate ...

 Sep 21 2014 - Ex-fighter exposes IS liesArab News
(MENAFN - Arab News) A Saudi citizen who recently returned from Syria after fighting with the 'Islamic' State (IS) terror organization has posted an online video urging fellow youth not to fall ...

 Sep 21 2014 - Checkpoints net 24000 illegal HajisArab News
(MENAFN - Arab News) More than 24000 illegal pilgrims bound for Makkah have been stopped at security checkpoints in Taif and sent back over the past few days.'This year checkpoints have been set up ...

 Sep 21 2014 - DM to finish Phase 1 of USD9.5b Desert Rose in 2015MENAFN
(MENAFN) Dubai Municipality (DM) announced it is planning to finish Phase 1 of its USD9.5 billion Desert Rose project within a year's time, Emirates 24/7 reported.The planning and urban development ...

 Sep 21 2014 - Emirates lounges: 320m investments boost facilitiesArab News
(MENAFN - Arab News) Over 22 million customers have enjoyed the haven of an Emirates Lounge since the airline opened its first international lounge outside of its Dubai hub and demand is growing.In ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help