MIDEAST STOCKS-Frontier fund selling weighs on UAE, Qatar | Reuters:
"Selling by foreign frontier funds sparked heavy profit-taking in the United Arab Emirates and Qatar on Thursday. Saudi Arabia also declined, but Egypt rose for a third day.
A number of companies from the UAE and Qatar remain part of MSCI's Frontier 100 benchmark even though the index compiler upgraded both countries to emerging market status in May.
MSCI's opted to gradually phase those stocks out of the frontier index through monthly weighting reductions and one of these takes effect on Nov.1. This prompted a wave of selling by passive funds tracking the index on the final trading day before this milestone."
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