Tags: ALLTOP | AME | BAHRAIN | BB | BBCHTO | BGOVBILLGO | BGOVCODES

Abu Dhabi Shares Climb Most in Four Months on MSCI; Dubai Rises

Sunday, 09 Nov 2014 06:53 AM

Nov. 9 (Bloomberg) -- Shares in Abu Dhabi advanced the most in four months after MSCI Inc. said it will increase the weighting of some stocks from the United Arab Emirates and Qatar in its emerging markets gauge. Dubai climbed.

The ADX General Index rallied 1.6 percent, its strongest gain since July 6, to 4,867.15. First Gulf Bank PJSC led advancers, adding 5.3 percent. The lender was among local stocks whose weightings were adjusted by the index provider, according to a note from EFG-Hermes U.A.E. Ltd. Dubai’s DFM General Index rose 1.1 percent.

MSCI, whose gauges are tracked by investors managing about $9 trillion in assets, included the U.A.E. and Qatar in its emerging markets index in June. The company said in April it would cut the weighting of some stocks by a factor of 0.5 because of ownership restrictions. In its latest review, MSCI said it will remove the adjustment for stocks including Emaar Properties PJSC, Dubai Islamic Bank PJSC, Qatar National Bank SAQ, and Industries Qatar QSC, according to EFG-Hermes.

“The retail investors’ reaction to the MSCI decision is positive and we are seeing some buying on the back of it,” Ahmed Shehada, head of advisory and institutions at NBAD Securities LLC in Abu Dhabi, said by phone. “It’s the same story for Qatar. Markets are holding firmly in the green.”

Mobily Drops

In Qatar, the benchmark QE Index climbed 0.8 percent. The country’s stock exchange said today that new rules requiring the disclosure of shareholders who own more than 5 percent of outstanding shares in a company will come into force Jan. 4.

Qatar National Bank, the lender with the highest weighting on the main measure, added 1.7 percent to 221.90 riyals. Industries Qatar advanced 1.4 percent to 196.80 riyals.

In Dubai, Emaar, the developer of the world’s tallest tower, increased 2 percent to 10.05 dirhams, leading 16 gainers in the emirate. Dubai Islamic Bank rose 0.3 percent.

Saudi Arabia’s Tadawul All Share Index dropped a third time in four days, declining 0.2 percent at 1:33 p.m. in Riyadh. Oman’s MSM 30 Index retreated 0.2 percent. Kuwait’s SE Price Index added 0.7 percent and Bahrain’s BB All Share Index rose 0.1 percent.

Egypt’s EGX 30 Index climbed 0.1 percent. Israel’s TA-25 Index slipped 0.1 percent.

(An earlier version of this story corrected the size and scope of the Abu Dhabi index advance.)

To contact the reporter on this story: Sarmad Khan in Dubai at skhan170@bloomberg.net To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net Claudia Maedler

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
DrAlvedaCKing
ALLTOP, AME, BAHRAIN, BB, BBCHTO, BGOVBILLGO, BGOVCODES, BIZNEWS, BNALL, BNCOPY, BNSTAFF, BNTEAMS, BONDWIRES, BUSINESS, CMDGLOMAC, CMDKEY, CORRECT, CREDITKEY, CSM, DEBTKEY, DUBAI, DUX, EGYPT, EM, EQUITYKEY, EUBNX, FACTCX, FEAS, FINNEWS, FRONTIER, FXKEY, GCC, GCCMEMB, GEN, GLOBALMACR, GOV, GOVMISC, GOWEB, GULF, GULFCURZ1, GULFTOP, GULFTOPZ1, JPMFRONT, KUWAIT, MAJOR, MARKETS, MEAST, MENA, METALKEY, MIDEAST, MIDEASTSTK, MISC, MKTTOP, MOV, MSCIAFRICA, MSCIFRONT, MSCIWORLD, NRGKEY, OILKEY, OMAN, ONWEB, ORIGINAL, POLIRISK, POSITIVE, QATAR, RATESKEY, READ, READ100, READ150, READ50, SAUDI, SPREGIONS, SRCRANK1, STFILT241, STFILT268, STFILT689, STK, STKCURZ5, STKTOP, STKTOPZ5, TIMECO, TIMENI, TOP, TOPBIZMKT, UAE, UAS, UPDATE, WORLD, WWCURZ2, WWTOP, WWTOPBIZ, WWTOPZ2
422
2014-53-09
Sunday, 09 Nov 2014 06:53 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved