Stock markets in the sheikhdoms of Dubai and Abu Dhabi, both of which belong to the United Arab Emirates (UAE), surged Sunday as the Gulf state has been added to the FTSE Global Equity Index as a secondary emerging market.
The shares of 21 companies have been added to the FTSE’s Global Equity Index, officially after the close on Sept. 17, a move which eases global fund managers to invest into the UAE capital markets.
Consequently, the DFM General Index in Dubai gained 2.17 percent to close at 1,682.82 points. Dubai Islamic Bank surged 4. 63 percent to close at 2.26 dirhams (0.62 U.S. dollar). As more and more UAE residents returned from annual leave taken during Ramadan, traded value climbed by 35 percent to 430.96 million dirhams (117.43 million dollars). Around 238 million shares changed hands at the DFM, 47 percent more than last Thursday.
At the Nasdaq Dubai, the sheikhdom’s international market, shares of DP World dipped 0.91 percent to finish at 0.542 dollar as investors booked profits after the share’s rally during last week. Depa Limited, a Dubai-based interior designer, gained 0.16 percent to close at 0.61 dollar.
In Abu Dhabi, the ADX General Index advanced by 0.98 percent to close at 2,632.27 points. Shares of Aldar Properties, the sheikhdom’s real estate bellwether, were the most liquid, gaining 2.92 percent to close at 2.48 dirhams (0.68 dollar).