UAE markets anticipate emerging markets status

Market Wrap: Dubai equities rise at the close ahead of speculation that the country's bourses may be upgraded by index benchmarker MSCI.

Dubai's benchmark rose at the close, as investors held their breath ahead of the UAE's possible upgrade to emerging markets status by index bench-marker MSCI.

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Last Updated: May 03, 2011

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The Dubai Financial Market General Index added 0.5 per cent to 1629.73 points, its first gain this week after three consecutive days of losses.

"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," said Manuel Rensink, head of Middle East and North Africa at MSCI at a conference in Abu Dhabi. Other issues include foreign ownership limits and efficiency, he said.

The UAE stock exchanges will give brokerages and custodians until May 29 to switch to DVP, according to statements made by the Abu Dhabi Securities Exchange and Dubai Financial Market last week.

Emaar Properties, builder of the world's tallest skyscraper, added 0.6 per cent to Dh3.26 a share. Aramex, the middle east's largest courier company, gained 1 per cent to Dh1.89.

In the capital, Aldar Properties added 1.9 per cent to Dh1.58 a share, while Sorouh Real Estate gained 0.6 per cent to Dh1.46 a share. The Abu Dhabi Securities Exchange General Index was little changed at 2689.29 points.

Elsewhere in the region, Kuwait's measure declined 0.2 per cent to 6502.30. Bahrain's index was unchanged at 1405.73. Oman's benchmark lost 0.3 per cent to 6352.61. Qatar's measure was unchanged at 8509.87.