The United Arab Emirates' main markets fell more than 1 percent and Qatar ended lower on Thursday after the bourses failed for the third time to gain emerging market status from influential index compiler MSCI.
MSCI, which had already denied a promotion to the UAE and Qatar in 2009 and 2010, cited investor concerns on the effectiveness of a new delivery-versus-payment system, or DvP, at some of the bourses. Stringent foreign ownership limits in Qatari stocks was also an impediment, it said.
Dubai's benchmark fell 1.3 percent and Abu Dhabi lost 1.2 percent to its lowest finish since March 2009.
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