Anticipation that the UAE is in line to be upgraded to emerging-market status by the index bench-marker MSCI helped Dubai's bourse turn upwards after three days of losses.
The Dubai Financial Market (DFM) General Index rose 0.5 per cent to 1,629.73, its first gain this week.
"The process of being upgraded from frontier market is moving at a positive pace, even as certain issues are under review, particularly the implementation of delivery versus payment system," Manuel Rensink, the Middle East and North Africa head at MSCI, told delegates at a conference in Abu Dhabi the process of being upgraded was moving at a "positive" pace.
"However, there are certain issues that are still under review, particularly operational efficiency and implementation of delivery versus payment [DVP], and foreign ownership limits," he said. The UAE stock exchanges will give brokerages and custodians until May 29 to switch to delivery versus payment or DVP - a system under which the delivery of purchased equities and payment for them occur at the same time - according to statements from the Abu Dhabi Securities Exchange (ADX) and DFM last week.
Emaar Properties rose 0.6 per cent to Dh3.26. Aramex, the Middle East's largest courier company, advanced 1 per cent to Dh1.89. In the capital, Aldar Properties was 1.9 per cent higher at Dh1.58, while Sorouh Real Estate rose 0.6 per cent to Dh1.46. The ADX General Index was little changed at 2,689.29.
Elsewhere in the region, Kuwait's measure declined 0.2 per cent to 6,502.30, Bahrain's was unchanged at 1,405.73, Oman's lost 0.3 per cent to 6,352.61, and Qatar's was unchanged at 8,509.87. The Saudi Tadawul All-Share Index was down 0.3 per cent at 6,694.14.
ghunter@thenational.ae
