The UAE's bourses closed higher yesterday with investors shifting their focus from stocks with small market capitalisation to mid and large-cap stocks, driven by speculation of an upgrade by the index benchmarker MSCI.
"Retail investors have made the switch from small cap to large caps," said Julian Bruce, the head of equity sales at EFG-Hermes in Dubai.
"If you are going to play the MSCI inclusion story, there is no point in buying small caps with marginal index weighting, which is why they are concentrating on the heavyweight companies."
The UAE is a candidate to be upgraded to an emerging market by MSCI.
The review, expected in June, could upgrade the country's status from frontier market.
The Abu Dhabi Securities Exchange General Index was up 1 per cent at 2,659.32 points. Aldar Properties was up 3.2 per cent to Dh1.60 and Dana Gas gained 1.5 per cent to 66 fils a share.
On the Dubai Financial Market, Arabtec Holding was up 0.6 per cent to Dh1.51, while Emaar Properties was up 1.8 per cent to Dh3.32.
Elsewhere in the region: Kuwait's index was unchanged at 6,369; Bahrain's measure lost 0.5 per cent to 1,401.95; Oman's benchmark was flat at 6375.04; and Qatar's index gained 0.5 per cent to 8,815.43.
The Saudi Tadawul All-Share Index rose 0.2 per cent to 6,604.16.
halsayegh@thenational.ae
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
More from Rashmee Roshan Lall
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
