Emerging market moves send Dubai and Abu Dhabi shares upwards

Markets Updates: UAE equities advanced at the open after the announcement of a new settlement system that will be adopted by the local bourses at the end of the month, in anticipation of the MSCI review in June - with video

Dubai and Abu Dhabi shares advanced at the open after the country's bourses announced that they will adopt a new settlement system by the end of the month that will help move the country closer to emerging market status.

The Dubai Financial Market General Index was up 1.4 per cent to 1596.11. Dubai Financial Market, the region's only publicly listed exchange was up 3.8 per cent to Dh1.36 a share. Emaar Properties was up 1.5 per cent to Dh3.29.

The delivery versus payment system, in which securities will be delivered and cash received on the same day, commencing on April 28 will help minimise risks from the delivery and receipt of securities. It is one of the last components the markets had to address for the UAE to be included on the MSCI emerging market index.

Arabtec Holding was up 6.4 per cent to Dh1.49 a share as the company went ex-dividend and distributed bonus shares to its shareholders.

Abu Dhabi's benchmark, the Abu Dhabi Securities Exchange General Index was up 0.3 per cent to 2628.01. Aldar Properties was up 4 per cent to Dh1.56. RAK Properties was p 2.5 per cent to 40 fils.

Elsewhere in the region, Kuwait's measure declined 0.2 per cent to 6352.30. Bahrain's measure lost 0.2 per cent to 1416.02. Oman's benchmark added 0.7 per cent to 6376.25. Qatar's index lost 1.1 per cent to 8729.57. The Saudi Tadawul All-Share Index was unchanged at 6611.73.