DUBAI — Dubai shares advanced for the first time in four days after the benchmark index swung between gains and losses as emerging-market stocks dropped after the Reserve Bank of India raised rates more than forecast. Emaar Properties PJSC rose and Dubai Financial Market PJSC fell.
The benchmark DFM General Index increased 0.1 per cent to 1,629.73 at the 2:00 p.m. close in the emirate. The measure, which has surged more than 20 per cent since a low in March, alternated between gains and losses more than 10 times. The Bloomberg GCC 200 Index of stocks in the region fell 0.3 per cent.
The process for an upgrade is progressing at a “positive” pace even as issues such as the implementation of DvP, foreign ownership limits and efficiency linger, Manuel Rensink, head of Middle East and North Africa at MSCI said after markets closed. The MSCI Emerging Markets Index fell 1.3 per cent, its biggest loss in two weeks, after the Reserve Bank of India increased rates by 50 basis points and commodity prices dropped. Emaar climbed 0.6 per cent to Dh3.26, its first gain since April 21. DFM fell 0.7 per cent to Dh1.34, the lowest in a week.
Abu Dhabi’s ADX General Index lost 0.1 per cent, Saudi Arabia’s Tadawul All Share Index declined 0.4 per cent and Kuwait’s SE Price Index retreated 0.2 per cent. Oman’s benchmark measure slipped 0.3 per cent, while gauges in Bahrain and Qatar were little changed.