Dubai Shares Extend Gains on MSCI Speculation; Emaar Advances - Bloomberg

Dubai shares extended gains for a third day in four on speculation by investors that the United Arab Emirates may be upgraded to emerging-market status by MSCI Inc. (MSCI) tonight.

Emaar Properties PJSC (EMAAR), the builder of the world’s tallest skyscraper, gained more than 1 percent. Arabtec Holding CO. (ARTC), the country’s biggest construction company, reached its highest intraday price since January. The benchmark DFM General Index (DFMGI) advanced 0.3 percent at 11:10 a.m. in Dubai to 1,396.50, extending the weekly gains to 0.9 percent. Oman’s MSM30 Index (MSM30) soared 1.1 percent and Qatar’s QE Index (DSM) climbed less than 0.1 percent.

“Investors are betting that Dubai stocks will benefit if the U.A.E. gets upgraded to emerging-market status by MSCI,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

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