Profit takings rule at Dubai market on UAE’s first emerging market day
The Dubai Financial Market General Index (DFMGI) dived 2.59 per cent to close at 5,181.14 points on Thursday, May 15, the first trading day that marked the UAE’s official upgrading to ’emerging market’ status by global ratings agency MSCI. Nine UAE shares have entered the MSCI emerging market index: Emaar (which fell by 4.13 per cent to AED10.45), Arabtec (off by 2.97 per cent to reach AED7.18), Dubai Islamic Bank (four per cent lower at AED7.70) and the DFM (flat at AED3.65). The UAE has a weight of 0.58 per cent in the MSCI emerging market gauge. Ajman Bank gained the most today, finishing a volatile week 3.29 per cent higher at AED3.14.