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DUBAI, Nov 15 (Reuters) - Gulf stock markets were mixed early on Tuesday after MSCI adjusted its indexes, causing sharp moves in some shares.
Dubai's main index
.DFMGI
was up 0.1 percent as DXB Entertainments
DXBE.DU
added 3.4 percent after MSCI upgraded the stock to its United Arab Emirates standard index, effective at the close on Nov. 30.
Builder Arabtec
ARTC.DU
fell 3.1 percent after MSCI downgraded it to its small cap index, while Dubai Financial Market
DFM.DU
lost 0.9 percent after it was deleted from the standard index.
Abu Dhabi's main index
.ADI
climbed 0.5 percent to 4,205 points, rebounding from technical support at its May low of 4,175 points. Eshraq Properties
ESHR.AD
rose 2.9 percent.
Qatar's index
.QSI
dropped 0.4 percent as Vodafone Qatar
VFQS.QA
slid 1.7 percent to 9.99 riyals after MSCI downgraded the stock to its small cap index. The stock tested but held technical support at its January low of 9.70 riyals.
Qatar First Bank
QFBQ.QA
soared its 10 percent daily limit in heavy trade after MSCI added it to its small cap index.
Saudi Arabia's stock index
.TASI
fell 0.4 percent, pulled down by profit-taking in banks and petrochemicals after a strong rally in the last four weeks.
Riyad REIT
4330.SE
, which jumped its 10 percent daily limit when it listed on Sunday and did so again on Monday, climbed a further 3.7 percent, but heavy trading volume showed some investors had begun to sell.
(Reporting by Andrew Torchia; editing by John Stonestreet) ((celine.aswad@thomsonreuters.com)(+9715 6224 7653))
Dubai's main index
Builder Arabtec
Abu Dhabi's main index
Qatar's index
Qatar First Bank
Saudi Arabia's stock index
Riyad REIT
(Reporting by Andrew Torchia; editing by John Stonestreet) ((celine.aswad@thomsonreuters.com)(+9715 6224 7653))