الرئيسية
DUBAI, Dec 15 (Reuters) - The United Arab Emirates'
main markets fell more than 1 percent and Qatar ended lower on
Thursday after the bourses failed for the third time to gain
emerging market status from influential index compiler MSCI.
MSCI, which had already denied a promotion to the UAE and
Qatar in 2009 and 2010, cited investor concerns on the
effectiveness of a new delivery-versus-payment system, or DvP,
at some of the bourses. Stringent foreign ownership limits in
Qatari stocks was also an impediment, it said.
Dubai's benchmark fell 1.3 percent and Abu Dhabi
lost 1.2 percent to its lowest finish since March 2009.
Emaar Properties dropped 4.3 percent, Dubai
Financial Market shed 4 percent, and Drake & Scull
dipped 2 percent.
"We hold the view that the new DvP model ... has been well
tested, and the real reason behind the international investors'
concerns and the MSCI decision is the lack of volume," CAPM
Investment said in a note.
The UAE's three bourses - Dubai Financial Market, Abu Dhabi
Securities Exchange and Nasdaq Dubai -- have been plagued by
slumping trade and prices.
Abu Dhabi's Sorouh Real Estate fell 3.3 percent,
Dana Gas slid 1.9 percent and First Gulf Bank
dropped 3.7 percent.
Aldar Properties shed 4.2 percent. The developer
will convert a portion of bonds held by Mubadala Development Co
into shares as part of a deal which will eventually
see the investment fund take its stake to nearly 60 percent.
UAE markets are expected to trade sideways next week, with
investors turning their attention towards fourth-quarter results
season, which starts in January.
main markets fell more than 1 percent and Qatar ended lower on
Thursday after the bourses failed for the third time to gain
emerging market status from influential index compiler MSCI.
MSCI, which had already denied a promotion to the UAE and
Qatar in 2009 and 2010, cited investor concerns on the
effectiveness of a new delivery-versus-payment system, or DvP,
at some of the bourses. Stringent foreign ownership limits in
Qatari stocks was also an impediment, it said.
Dubai's benchmark fell 1.3 percent and Abu Dhabi
lost 1.2 percent to its lowest finish since March 2009.
Emaar Properties dropped 4.3 percent, Dubai
Financial Market shed 4 percent, and Drake & Scull
dipped 2 percent.
"We hold the view that the new DvP model ... has been well
tested, and the real reason behind the international investors'
concerns and the MSCI decision is the lack of volume," CAPM
Investment said in a note.
The UAE's three bourses - Dubai Financial Market, Abu Dhabi
Securities Exchange and Nasdaq Dubai -- have been plagued by
slumping trade and prices.
Abu Dhabi's Sorouh Real Estate fell 3.3 percent,
Dana Gas slid 1.9 percent and First Gulf Bank
dropped 3.7 percent.
Aldar Properties shed 4.2 percent. The developer
will convert a portion of bonds held by Mubadala Development Co
into shares as part of a deal which will eventually
see the investment fund take its stake to nearly 60 percent.
UAE markets are expected to trade sideways next week, with
investors turning their attention towards fourth-quarter results
season, which starts in January.