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
 Jul 6 2015 - Egypt Foiled IS Attempt To Set Up Extremist State: SisiArab Times
(MENAFN - Arab Times) President Abdel-Fattah el- Sisi, wearing battle dress for the first time in over a year, said hat Egypt had foiled an attempt by the Islamic State group to seize territory and ...

 Jul 6 2015 - Syrian Forces and Hezbollah Push to Bolster Border ControlThe Arabian Post
(MENAFN - The Arabian Post) Syrian government troops and Hezbollah fighters from Lebanon pushed into the Syrian border town of Zabadani on Sunday amid heavy airstrikes, continuing an offensive aimed ...

 Jul 6 2015 - Israeli Cabinet Rejects Measure to Ease Jewish ConversionsThe Arabian Post
(MENAFN - The Arabian Post) The Israeli cabinet on Sunday rejected a proposed change that was supposed to ease the process of conversion to Judaism in Israel, a move that signaled the renewed ...

 Jul 6 2015 - Dubai hotels sector focus shifting to mid-marketThe Arabian Post
(MENAFN - The Arabian Post) Dubai is seeing a shift towards the development of mid-market hotels, underpinned by government incentives, a growing middle class in key source markets and the rise of a ...

 Jul 6 2015 - Kuwait- Foreigners Warned Of Deportation For False RumorsArab Times
(MENAFN - Arab Times) The Ministry of Interior has warned that it will deport foreigners who spread or help spread malicious rumors or fabricated news, reports Al-Jaridah daily.The Interior Ministry ...

 Jul 6 2015 - Kuwait- Govt Is Currently Preparing A Number Of Draft Laws: SourcesArab Times
(MENAFN - Arab Times) The government is currently preparing a number of draft laws on the development plan, strategic alternative to the salary scale and independence of the judiciary; as well as the ...

 Jul 6 2015 - Kuwait- Some 6,860 Illegal Residents Adjust Status In 4 YrsArab Times
(MENAFN - Arab Times) Up to 6,860 illegal residents in Kuwait have adjusted their status since 2011 till 30 June 2015, an agency said on Sunday. Up to 4,851 illegal residents were granted the Saudi ...

 Jul 6 2015 - Eid Al- Fitr Will Fall On July 17Arab Times
(MENAFN - Arab Times) Eid Al- Fitr, marking end of the Muslim fasting month of Ramadan, will fall on July 17, announced the astronomer Adel Al-Saadoun on Sunday. The moon is forecast to line up with ...

 Jul 6 2015 - Kuwait- Study On To Up Employer-Paid Residence FeesArab Times
(MENAFN - Arab Times) Sources from the Ministry of Social Affairs and Labor and the Public Authority for Manpower reported there is a study to increase the residence fees which will be borne by the ...

 Jul 6 2015 - Kuwait May Charge Over 40 In BombingArab Times
(MENAFN - Arab Times) Kuwait is considering charging more than 40 people in connection with the deadly suicide bombing in a Shiite mosque claimed by the Islamic State group, a security official said ...

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