Abu Dhabi stocks hit 23-week high
Abu Dhabi, June 19, 2011
UAE markets edged higher as investors awaited MSCI's annual review on Tuesday, with Abu Dhabi's benchmark hitting a new 23-week high.
Dubai Financial Market gained 3.1 percent, Emaar Properties roses 0.9 percent and Arabtec added 1.5 percent. Dubai's index climbed 0.6 percent to 1,611 points, a five-week high.
Index compiler MSCI will announce whether it will upgrade UAE and Qatar to emerging market status in the early hours of Tuesday morning.
"I don't think anybody will sell ahead of the decision," says Robert McKinnon, ASAS Capital's chief investment officer. "Most people will and see and react afterwards."
Abu Dhabi's index is up 0.4 percent to 2,771 points in thin trade. Dana Gas and Aldar Properties rose 1.6 and 0.7 percent respectively.
Qatar's index climbed 0.3 percent to 8,343 points. Barwa Real Estate gained 2 percent.
In Kuwait, the index slipped 0.2 percent to 6,325 points. Telecom operator Zain dropped 1.9 percent. - Reuters