MSCI Barra, the global market index provider, indicated on Tuesday that it would not include three large Gulf stock markets in its main emerging markets index, mainly due to “stringent” foreign ownership restrictions.
The result of MSCI Barra’s preliminary assessment of the equity markets of the United Arab Emirates, Qatar and Kuwait doused hopes that an inclusion in the important emerging markets index would bring a flood of passive, index-tracking capital into the region.
The UAE’s two main stock markets in Dubai and Abu Dhabi were the premier contenders to join the MSCI Emerging Markets Index.
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