9 UAE companies added in Index; Twitter also on world index
Thursday, May 15, 2014
The UAE and Qatar have been officially reclassified as Emerging Markets by the MSCI Composite Index.
From the UAE, nine stocks have been added into the index. They are Abu Dhabi Commercial Bank, Aldar Properties, Arabtec, DP World, Dubai Financial Market, Dubai Islamic Bank, Emaar Properties, First Gulf Bank and National Bank of Abu Dhabi.
Equity index provider MSCI reclassified equities across a broad spectrum of markets on Wednesday as part of its semi-annual review, adding among others U.S. social networking company Twitter to its world index.
The UAE will have 0.58 per cent weighting in the MSCI Emerging Market index, while Qatar will have a 0.47 per cent.
About $8 trillion is benchmarked to MSCI indexes. The emerging markets index is up 2.9 per cent so far this year, while the all world index has risen 2.1 per cent.
Twitter is one of the biggest additions to the MSCI All World index, which will add 58 companies and eliminate 45 at the end of May.
MSCI added 10 Qatar companies and nine UAE companies to the all-world index and to the emerging markets index.
Qatar National Bank, Industries Qatar and National Bank of Abu Dhabi will be the biggest additions to the emerging market index.
The Qatari companies added in the Index are Al Rayan Bank, Barwa Real Estate, Commercial Bank of Qatar, Doha Bank, Ooredoo (telecoms), Qatar Electricity & Water, Qatar Industries, Qatar Islamic Bank, Qatar National Bank and Vodafone Qatar.
The MSCI China A index will get Shanghai Raas Blood Products, Shanghai Waigaoqiao Free Trade Zone Development and Dongxu Optoelectronic Technology Co.
In all, 13 securities will be added to the MSCI China A Index, while 33 will be deleted.
Thirteen securities will be added to the MSCI Frontier Markets Index and 30 will be deleted. Two of the largest additions will be from Pakistan - Pakistan Tobacco Company and K-Electric.
© Emirates 24|7 2014
