UAE Stocks Hit Multi-Year Highs

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UAE Stocks Hit Multi-Year Highs

UAE Stocks Hit Multi-Year Highs

Stock markets in the UAE rose to new multi-year highs in line with a general upswing across the Gulf bourses with the sole exception of Saudi Arabia where the market recorded slight declines. Dubai’s benchmark DFMGI index rose 1.1 percent to 2,700 points as Abu Dhabi’s ADI climbed 0.7 percent to 3,949 points, a new 58-month high. In Qatar, the QSI index advanced 0.4 percent to 10,110 points. Despite a sell off in some emerging markets, most Gulf bourses recorded gains.
Emirates NBD, one of the biggest banks in the region, and Abu Dhabi Commercial Bank rose after Goldman Sachs Group raised the duo to buy on “solid” second-quarter earnings. UAE markets won a much-awaited milestone that will further increase investments in the stock market, as New York-based global index developer MSCI has decided to reclassify MSCI UAE from frontier markets to emerging markets status.

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