United Arab Emirates shares dropped, with Dubai’s index retreating to the lowest level in seven weeks, on speculation the nation won’t be upgraded by MSCI Inc. (MSCI) to emerging market status next month.
In Dubai, Emaar Properties PJSC (EMAAR), slid for a fourth day. Abu Dhabi Commercial Bank PJSC (ADCB), the U.A.E.’s third-biggest lender by assets, declined 2.1 percent. Dubai’s DFM General Index (DFMGI) slipped 1 percent to 1,530.69, the lowest intraday level since April 6 at 11:40 a.m. in the emirate. Abu Dhabi’s ADX General Index (ADSMI) dropped 0.6 percent. The gauge gained 3.4 percent in April and Dubai’s advanced 5 percent in the same period on bets the U.A.E. will be raised from frontier market status at MSCI.
“The lack of strong international investor activity could indicate there are doubts the U.A.E. will be promoted at MSCI,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC (NBAD), the country’s second-largest lender by assets.
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