Dubai Shares Slump Most Since March Before MSCI; Abu Dhabi Drops - Bloomberg

Dubai Shares Slump Most Since March Before MSCI; Abu Dhabi Drops - Bloomberg:



"Dubai’s benchmark index fell the most in two months as investors sold shares before MSCI Inc. names constituents of its emerging markets index this week. Abu Dhabi’s measure also retreated.



The DFM General Index (DFMGI) tumbled 3.1 percent, the steepest drop since March 12, to 5,138.86 at the close in Dubai. Arabtec Holding (ARTC), the biggest listed builder in the United Arab Emirates, lost the most in more than a year as it was cut to hold from buy at Naeem Holding. Union Properties PJSC (UPP) fell 6.8 percent, the steepest retreat since August. Abu Dhabi’s ADX General Index declined 1.1 percent, while Qatar’s QE Index rose 0.3 percent.



MSCI, whose indexes are tracked by investors managing about $8 trillion in assets, will on May 14 announce the companies and weightings of its emerging markets gauge. The upgrade for stock markets in the U.A.E. and Qatar will take effect from June. Dubai’s benchmark surged 53 percent this year, making it the best-performing gauge among more than 90 tracked by Bloomberg. It gained 4.4 percent last week."



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