United Arab Emirates shares rose, sending Dubai’s benchmark to a two-month high, on investor speculation changes to the exchanges’ settlement system may secure emerging market status at index provider MSCI Inc.
Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, rallied 3.8 percent. The head of the bourse said about 30 companies expressed interest in listing shares in Dubai. Aramex PJSC, the Middle East’s largest courier company, increased for a second time this week. The DFM General Index (DFMGI) gained 1 percent to 1,589.38, the highest intraday level since Feb. 20, at 11:45 a.m. in the emirate. Abu Dhabi’s measure gained 0.4 percent.
The U.A.E. and Qatar are seeking to secure an upgrade from frontier markets status at MSCI, which will revalue its assessment in June, according to its website. MSCI indexes are tracked by investors with an estimated $5.2 trillion in assets, according to a May report by Shinhan Investment Corp. The so- called delivery-versus-payment system, an MSCI requirement for emerging market status, will start April 28, in the U.A.E. Qatar introduced the system yesterday.
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