Abu Dhabi index surges post MSCI rebalancing
(12/5/2018 8:16:00 AM)
The Abu Dhabi index jumped the most in a year as markets adjusted post the MSCI rebalancing of FAB and Etisalat shares even as trading remained thin in other stocks.
The Abu Dhabi Securities closed 2.68 per cent higher at 4,898.15. FAB shares closed 3.68 per cent higher at Dh14.10. Etisalat shares closed 3.37 per cent higher at Dh17.18. The rest of the market remained tight with marginal gains. Abu Dhabi Commercial Bank closed 3.82 per cent higher at Dh8.15. Traded value was placed at Dh880 million. Dana Gas closed 0.54 per cent higher at Dh0.93.
The Dubai Financial Market general index closed 0.27 per cent higher at 2,675.87, Emaar Properties closed 1.78 per cent higher at Dh 4.58. Dubai Investments closed 4 per cent lower at Dh1.29. Dubai Islamic Bank closed half a per cent higher at Dh5.27.
“The final day (Thursday) for the MSCI rebalancing also took its toll on stocks such as Dubai Investment which kept seeing outflows while Emaar Properties failed to see the light of day following its deal with Abu Dhabi National Hotels and saw fresh lows,” Essam Kassabieh, Senior Financial Analyst at Menacorp, said.
“Union Properties along with Gulf Finance House saw some bargain buying as investors scoured the market for some speculative gains but most came short with the only saving grace at low volumes being Emirates NBD,” he added.
DP World closed 8.19 per cent higher a $17.70. Emirates NBD closed 0.22 per cent higher at Dh9.2. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.15 per cent lower at 7,905.12. Alinma Bank closed 0.16 per cent lower at 22.18 Saudi riyals. The Qatar exchange index closed 1.45 per cent higher at 10,602.84.
The Muscat MSM 30 index closed 1.90 per cent higher at 4,534.63. The Kuwait all share index closed 0.49 per cent higher at 5,140.97. The Bahrain index closed flat at 1,325.93.