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


 






  MENA News Headlines
 Sep 2 2014 - Egypt military academy stampede kills 9Arab News
(MENAFN - Arab News) CAIRO Nine people were killed on Tuesday in a stampede outside a military academy in Egypt by relatives seeking to visit cadets the army said in a statement.The military released ...

 Sep 2 2014 - Attack on Egypt security convoy kills 11 in SinaiArab News
(MENAFN - Arab News) CAIRO: An attack on a convoy killed 11 members of the Egyptian security forces in the Sinai Peninsula on Tuesday security and medical sources said.Two were killed by a roadside ...

 Sep 2 2014 - UAE- Human League to perform in DubaiKhaleej Times
(MENAFN - Khaleej Times) The Human League bring their electro-pop back catalogue to Dubai New wave legends The Human League will bathe The Irish Village in synths for their show on Thursday September ...

 Sep 2 2014 - UAE- Ismail Matar backs Mahdis contract extensionKhaleej Times
(MENAFN - Khaleej Times) Matar hinted that het could be able to return to the pitch in two weeks time after covering half of the four-week period decided by the doctors for his recovery.Dubai: Al ...

 Sep 2 2014 - Dubai does well to curb thalassaemia in newbornsKhaleej Times
(MENAFN - Khaleej Times) Drop in the number of disease cases attributed to awareness campaigns screenings.The number of cases of thalassaemia in newborns in Dubai has drastically reduced due to the ...

 Sep 2 2014 - UAE- Umm Al Quwain offers 50 per cent off on traffic finesKhaleej Times
(MENAFN - Khaleej Times) The 50 per cent cut on pending fines includes unpaid fines for speeding and other traffic violations available till December 5.The UAQ Police are offering a 50 per cent ...

 Sep 2 2014 - UAE- Ajman launches online renewal of car registrationKhaleej Times
(MENAFN - Khaleej Times) The programme also provides the opportunity for public to renew their registration card without having to visit the traffic department.The Ajman Police on Monday launched its ...

 Sep 2 2014 - UAE- Cop accused of kidnapping raping womanKhaleej Times
(MENAFN - Khaleej Times) He drove her to a dark location near a construction site after offering a lift where he allegedly raped her.A cop has been charged in the Court of First Instance with ...

 Sep 2 2014 - UAE- Manager blackmails women staff for sex court hearsKhaleej Times
(MENAFN - Khaleej Times) Three women have complained against the 31-year-old man alleging that he had been constantly sexually harassing them.A Palestinian manager has been brought before the Court ...

 Sep 2 2014 - UAE- 22-year-old Indian found hanging from treeKhaleej Times
(MENAFN - Khaleej Times) Police patrols and paramedics were rushed to the spot who took down the body and transferred it to Al Dhaid Hospital for an autopsy.A 22-year-old Indian man was found hanging ...

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

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