The first was a 4.7-magnitude quake, followed by a 4.2-magnitude tremor
Emaar Properties PJSC advanced the most in almost a week and Arabtec Holding Co jumped 2.4 per cent. The DFM General Index gained 0.3 per cent to 1,525.61 points, the most since June 21. Excluding Monday, the measure lost 2.5 per cent this month.
Abu Dhabi’s ADX General Index decreased 0.5 per cent to 2,704.47 points. Aldar Properties dropped 1.6 per cent and Sorouh Real Estate declined 2.4 per cent. Dana Gas fell 3.3 per cent.
“These are (some of) the stocks that failed to make it to the MSCI — these are the bluechips everyone was relying on,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
“We’re not expecting remarkable second-quarter results from them and there is no recovery in the real estate sector, so you see people selling.”
MSCI, whose stock indexes are tracked by investors with about $3 trillion in assets, last week delayed until December its decision on whether to raise the UAE and Qatar to emerging-market status. Introduction of delivery-versus-payment, a programme for completing stock transactions, may help lift the UAE from its frontier-market ranking. MSCI’s delay of the decision will allow more time for investors to assess the impact of the changes, the New York-based index provider said.
“After MSCI’s announcement, Dubai was hit hard and this is a technical rebound,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai.
“Second-quarter results might be a short-term catalyst, but then there’s Ramadan.
A decline of 6.4 per cent this year has left the 30 companies in Dubai’s benchmark index valued at about 8.3 times estimated earnings, data compiled by Bloomberg show. That compares with 10.8 times for the MSCI Emerging Markets Index. Companies in the UAE are expected to begin reporting second-quarter earnings next month.
About 83 million shares were traded in Dubai on Monday, compared with a 12-month daily average of 123 million shares. Emaar gained 0.3 per cent, the most since June 21, to Dh3.03. Arabtec advanced the most since June 15 to Dh1.27.
Qatar’s QE Index climbed 0.5 per cent. Oman’s MSM 30 Index dropped 0.9 per cent. Kuwait’s SE Price Index and Saudi Arabia’s gauge slipped 0.1 per cent. Bahrain’s BB All Share Index declined 0.6 per cent.
The first was a 4.7-magnitude quake, followed by a 4.2-magnitude tremor
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