UAE shares inched higher yesterday as fund managers increased positions in Emaar Properties, FGB and Dubai Islamic Bank (DIB) after MSCI lifted its weightings in the three stocks.
Investors who benchmark against MSCI’s Emerging Markets Index have until Wednesday to replicate the changes.
“It’s going to be effective in three days from today, so they have to be building positions ahead of the deadline,” said Nabil Farhat, a partner at Al Fajer Securities.
On November 9, MSCI increased Emaar’s weighting from 0.12 to 0.24 per cent, DIB’s weighting to 0.05 from 0.03 per cent and FGB’s representation from 0.05 to 0.10 per cent.
The Dow Jones Industrial Average rose 0.5 per cent to 17,810.06. Brent crude crossed $80 after continuous weekly losses.
Emaar rose 3.6 per cent to Dh11.30. DIB rose 1.5 per cent to Dh7.76. Dubai's index rose 1.4 per cent to 4,630.13.
In the capital, FGB fell 0.5 per cent on low volumes to Dh19.
The Abu Dhabi Securities Exchange General Index closed higher 0.1 per cent at 4,963.93.
halsayegh@thenational.ae
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