Dubai Shares Advance on Speculation Losses Related to MSCI Delay Overdone - Bloomberg

Dubai’s benchmark stock index rose, snapping a three-day drop, on speculation declines prompted by MSCI Inc. delaying a decision to promote the United Arab Emirates to emerging-market status were overdone.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, advanced the most in almost a week and Arabtec Holding Co. (ARTC), the U.A.E.’s biggest construction company by market value, jumped 2.4 percent. The DFM General Index (DFMGI) gained 0.3 percent, the most since June 21, to 1,525.61 at the 2 p.m. close in Dubai. Excluding today, the measure lost 2.5 percent this month. TheBloomberg GCC 200 Index (BGCC200) of the region’s stocks fell less than 0.1 percent at 1:26 p.m. in Riyadh.

“After MSCI’s announcement, Dubai was hit hard and this is a technical rebound,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Second-quarter results might be a short-term catalyst, but then there’s Ramadan.”