Qatar Stocks Drop as MSCI Cancels Mesaieed Decision; Dubai Falls - Bloomberg

Qatar Stocks Drop as MSCI Cancels Mesaieed Decision; Dubai Falls - Bloomberg:



"Qatar shares declined the most in more than three weeks after index provider MSCI Inc. reversed a decision to add Mesaieed Petrochemical Holding Co. (DSM) to its emerging markets gauge. Dubai stocks also fell.



Qatar’s benchmark QE Index slid 0.7 percent, the steepest drop since July 24, to 13,416.30 at the close. Lender Masraf Al Rayan led the retreat, losing 1.3 percent. Mesaieed, which isn’t included in the index, plunged 7.8 percent to end a four-day rising streak. Dubai’s DFM General Index slipped 0.5 percent.



MSCI, whose gauges are tracked by investors managing about $9 trillion in assets, added Mesaieed to its Emerging Market Index Aug. 13 as part of a quarterly review. The index provider reversed the decision in an Aug. 14 statement posted on its website, citing the petrochemical company’s equity ownership limits. The Qatar bourse, along with those of the United Arab Emirates, was included in MSCI’s developing markets measure in June."



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