"Dubai’s shares fell the most in more than a year as investors await an MSCI Inc. (MSCI) decision on whether the United Arab Emirates will be upgraded to emerging-market status. Stocks in Abu Dhabi also declined.
Dubai Financial Market (DFM), the only publicly traded stock exchange in the Gulf Cooperation Council, fell the most in four months. Dubai Investments PJSC (DIC) posted its biggest drop in more than a year. The benchmark DFM General Index (DFMGI) decreased 2.3 percent, the largest retreat since March 2012, to 2,344.76. It was the world’s third-worst performer today among 94 indexes tracked by Bloomberg.
The U.A.E. and Qatar are under consideration for a fifth year for a possible upgrade from frontier market status at MSCI. Both countries could be promoted after they improved market accessibility, HSBC Holdings Plc (HSBA) said in a report dated May 31. Indexes by MSCI, which is due to announce its decision June 11, are tracked by investors managing about $7 trillion."
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