UAE stock indexes gain ahead of MSCI decision

Dubai: UAE stocks ended in positive territory on Tuesday, a day ahead of MSCI’s decision on whether to upgrade the market to emerging market status from its current one of frontier market. Both UAE and Qatar have been under MSCI consideration since 2008.

In early trading, the DFM General Index was down, but by the end of the session, it had climbed 0.58 per cent to close at 2358.28. Of the 25 stocks traded, 17 advanced, six declined and two were flat.

The ADX Securities Index closed 0.27 per cent higher at 3565.89.

Sebastien Henin, portfolio manager at The National Investor, told Reuters: “The market, as expected, is volatile and there’s no clear trend at the moment. It will be like this until the MSCI decision and the big question is how the market would react after the announcement.”

In Dubai, Emaar was the highest traded stock for the second straight day, with a total turnover of Dh92.93 million. It advanced 0.71 per cent to close at Dh5.64. Dubai Investments and Dubai Financial Market gained 2.68 per cent and 0.52 per cent respectively. Dubai Islamic Bank was unchanged at Dh3.41.

Among the big cap stocks to decline was Emirates NBD, which fell 1.85 per cent to Dh5.30.

In Abu Dhabi, the real estate stocks Aldar Properties and Sorouh Properties rose 0.93 per cent and 0.76 per cent respectively. First Gulf Bank, among the highest traded stocks, added 1.33 per cent to close at Dh15.20. Telecom major Etisalat shed 0.85 per cent to Dh11.60.

With inputs from Reuters