Abu Dhabi Index Jumps Most in Four Years Before MSCI Upgrade - Bloomberg

Abu Dhabi Index Jumps Most in Four Years Before MSCI Upgrade - Bloomberg:



"Abu Dhabi’s stock index rose the most since December 2009 as shares in Qatar and the United Arab Emirates gained before next week’s upgrade to emerging markets status by MSCI Inc.



The benchmark ADX General Index jumped 5.5 percent to 5,253.41 at the close, the most among more than 90 gauges tracked by Bloomberg globally. National Bank of Abu Dhabi PJSC, the largest lender in the U.A.E., soared 15 percent, the most since 2005 and the maximum allowed in a day. Dubai’s main measure advanced 5 percent, the most since September, led by a 15 percent gain in shares of Dubai Financial Market, the only listed bourse in the region. Qatar’s QE Index (DSM) added 2.1 percent.



Stocks are rallying in the Gulf region on speculation the MSCI upgrade will lure investors managing about $8 trillion in assets. The change of status will promote nine U.A.E. companies and 10 from Qatar to MSCI’s developing-market gauge. The switch may attract about $905 million to markets in Dubai and Abu Dhabi, and $649 million to Qatar, HSBC Holdings Plc said in a note on May 12."



'via Blog this'