Monday, May 11, 2015

Dubai: Traders in the UAE position themselves in select stocks ahead of re-weighting on MSCI index amid speculation on inclusion of Union National Bank in the index, and provision of a higher weightage for Abu Dhabi Commercial Bank (ADCB).

“Traders would be interested now in booking profits on fact after having bought on news,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities.

ADCB ended 0.27 per cent higher at Dh7.3, after gaining 22 per cent since mid-March. Union National Bank ended 0.76 per cent higher at Dh6.6.

UAE stocks listed on the MSCI index include: Emaar Properties, Arabtec Holding, Aldar Properties, Abu Dhabi Commercial Bank (ADCB), DP World, Dubai Financial Market Company (DFMC), FGB, and the National Bank of Abu Dhabi (NBAD). The MSCI also includes small-capital UAE stocks.

By Siddesh Suresh Mayenkar, Staff Reporter

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