Gulf stock markets were mixed in quiet early trade Monday with activity focusing on changes in MSCI index constituents that will take effect at the end of the day.
Abu Dhabi’s index edged up 0.2 percent as Etisalat , which will join MSCI’s emerging market index, rose 1.3 percent; it was the most heavily traded stock. Investors have largely factored in the MSCI changes, but some passive funds tend to move only on the last day before changes.
National Bank of Abu Dhabi, which had tumbled 6.0 percent on Sunday, sank a further 2.2 percent. Traders said there was no fresh negative news about the bank but thin turnover, and a lack of buying support, was magnifying the impact of sell orders.
Qatar’s index slipped 0.2 percent as Gulf International Services, which will be removed from the emerging markets index, slid 1.5 percent. Qatar Gas Transport Co (Nakilat), which will be added to the index, added 1.1 percent. The two stocks were the market’s most heavily traded.
Dubai’s index dropped 1.0 percent as Emirates NBD , the emirate’s largest lender, slipped 2.4 percent.
source: Reuters
