UAE, Qatar markets slip but some MSCI picks rise

An investor looks up at screens displaying stock information at the Dubai Financial Market. (Reuters)

Stock markets in the United Arab Emirates and Qatar slipped in early trade on Tuesday, although some stocks whose weightings on MSCI’s emerging markets index are poised to increase made gains.

Dubai’s index fell 0.5 percent as most stocks declined.

Emaar Properties bucked the downbeat trend, rising 0.9 percent. The stock’s weighting on the MSCI benchmark will double after the market closes and funds tracking the index are likely to buy it on Tuesday.

Also, Emaar shareholders approved on Monday a special cash dividend totalling 9 billion dirhams ($2.45 billion), related to the flotation earlier this year of a stake in Emaar Malls Group (EMG), the company’s malls and retail unit.

Abu Dhabi’s bourse was down slightly amid a mixed performance by its blue chips.

Qatar’s index fell 0.5 percent, but Qatar National Bank, which is also set to benefit from a weighting increase in MSCI’s emerging market index, rose 0.8 percent.

Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43