Dubai, Abu Dhabi index end higher after MSCI re-weighting

13/05/2015 21:14 AST

The Dubai and Abu Dhabi indices ended a tad higher yesterday helped by positive sentiment triggered by MSCI.

Late Tuesday, MSCI said it has increased the weight for the UAE index to 0.72 per cent from 0.65 per cent, while the Qatar Exchange Index’s weight on the emerging market index would also be increased to 0.9 per cent from 0.75 per cent post the changes in its constituents.

Dubai Financial Market General Index ended 0.27 per cent higher at 4,067.42, after moving sideways in the previous session.

Emaar Malls ended 1.52 per cent higher at Dh3.33, after it was included in the UAE index. Gulf Finance House, which was the most active stock in trade, ended 1.95 per cent higher at Dh0.838. Damac Properties ended 1.62 per cent higher at Dh3.14. Arabtec, however, ended 3.53 per cent lower at Dh2.46 after it reported a net loss for the quarter to March.



Retail investors

“Fairly small stocks took the markets higher mainly driven by retail investors and not by institutions,” Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities.

Out of a total of 36 stocks traded on the exchange, shares of 21 companies rose, while shares of 13 fell.

The Abu Dhabi Securities Exchange General Index ended 0.44 per cent higher at 4,614.36. Abu Dhabi Commercial Bank ended 5.79 per cent up after an increase in the weight on the MSCI index.

“Our proffered bank in the UAE is Dubai Islamic Bank and Emirates NBD,” Manibhandu said. “Short-term bulls won today [Wednesday], we would see sideways trading with an upside bias, with investors looking at results from Aldar Properties,” Manibhandu said. “If Aldar results come in better than expected, we could see property counters doing well.”

Aldar Properties ended more than 3 per cent to end at Dh2.79 ahead of its results.

Out of 31 stocks traded on the exchange, shares of 15 companies rose, while shares of 8 fell.

Saudi’s Tadawul All Share TASI index ended 0.46 per cent higher at 9,671.97 on firmer crude oil.

Oil extended its advance to trade above $61 (Dh224) a barrel on signs the US supply glut is easing.

Saudi Basic Industries ended more than 2 per cent higher at 105.50 Saudi riyals, while Alinma Bank ended 0.21 per cent higher at 24.05 riyals.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.95 per cent higher at 12,366.92 after the increase in weightage on MSCI emerging market index.

Egypt’s EGX index ended 1.71 per cent lower at 8,526.43.

Gulf News