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Most MSCI stocks in UAE, Qatar pull back

Dubai, June 1, 2014

Most stocks in the United Arab Emirates and Qatar added to MSCI's emerging market index pulled back after making a sustained surge ahead of the upgrade.

Dubai port operator DP World heads losers, tumbling 6.7 percent. Abu Dhabi Commercial Bank and National Bank of Abu Dhabi dropped 5.7 and 3.2 percent respectively.

Nine companies in the UAE and 10 in Qatar are now included in MSCI's emerging market index, with Sunday the first day's trading where these changes are in effect.

Abu Dhabi's index slipped 1.4 percent to 5,180 points.

Qatar's bourse fell 0.3 percent to 13,664 points.

Dubai's benchmark reversed an early-session slump to be up 0.7 percent at 5,125 points.

Commercial Bank of Dubai is the main support, jumping 10.0 percent. The lender is not part of the MSCI index. - Reuters




Tags: Qatar | UAE | Dubai | MSCI |

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