"Fund managers are hoping the elevation of UAE bourses to emerging markets status will support a Ramadan rally.
MSCI, the international index compiler, yesterday shortlisted eight publicly listed companies, including heavyweights Abu Dhabi Commercial Bank, Aldar, First Gulf Bank, National Bank of Abu Dhabi and DP World, that are expected to enjoy generous weightings on the MSCI UAE Index that will be reclassified from "frontier markets" to "emerging markets" on June 2.
Investors typically position their portfolios ahead of second-quarter results and a so-called "Ramadan rally", which traditionally occurs towards the end of the holy month every year."
'via Blog this'
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