The shares of Dubai is said to move forward to its highest in four years. This was after HSBC Holdings PLC announced that UAE could possibly upgrade to an emerging market status. This would transpire as the nation's investor's assets at MSCI Inc. have increased.
The Dubai Financial Market also increased the most over a period of three years. This was the first stock exchange to have sold shares in the Persian Gulf. On the other hand, the Dubai Investments have also surged to its highest over more than four years. The DFM General Index received 2.7% while Abu Dhabi's index increased to 0.8%. Little change on Qatar's QE Index was also visible.
Countries, UAE and Qatar are on its fifth consideration year for a chance to upgrade from its current MSCI frontier market status. Once market accessibility is improved, these countries will be promoted and reclassified. MSCI will deliver its decision on June 11 that are closely watched by investors managing roughly US$7 trillion.
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