"Dubai’s shares gained the most in more than a week on investor optimism the United Arab Emirates will be upgraded to emerging-market status at MSCI Inc. (MSCI)
Dubai Financial Market (DFM), the only publicly traded stock exchange in the Gulf Cooperation Council, advanced the most in a week. Dubai Investments PJSC (DIC) posted the biggest gain since June 2 with almost 60 million shares traded, or 1.6 times the three-month daily average. The DFM General Index climbed 0.6 percent, also the most since June 2, to 2,358.28. Abu Dhabi’s index rose 0.3 percent, while Qatar’s QE Index fell 0.2 percent.
The U.A.E. and Qatar are under consideration for a fifth year for a possible upgrade from frontier-market status at MSCI, whose indexes are tracked by investors managing about $7 trillion. A promotion could lead to about $370 million flowing into the U.A.E. and more than $430 million into Qatar, HSBC Holdings Plc (HSBA) said in a report dated May 31. MSCI will publish the results of the 2013 annual market classification review shortly after 11 p.m. central European summer time."
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