Dubai and Abu Dhabi: the tale of two city bourses

The fates of the two biggest stock markets in the UAE are set to diverge this year for the first time on record
Dubai and Abu Dhabi: the tale of two city bourses
Abu Dhabi’s ADX General Index has climbed almost 13 percent this year.
By Bloomberg
Tue 27 Nov 2018 04:35 PM

The fates of the two biggest stock gauges in the United Arab Emirates are set to diverge this year for the first time on record.

Abu Dhabi’s ADX General Index has climbed almost 13 percent this year, putting it among the world’s best performers.

Headed in the opposite direction, Dubai’s main gauge has slumped 20 percent and is set for its worst annual performance in a decade.

The performance in the UAE capital was boosted mostly by a 40 percent increase of First Abu Dhabi Bank.

The country’s biggest lender obtained a higher weighting in the benchmark MSCI Emerging Markets Index earlier this month, with estimated passive inflows of around $400 million.

In Dubai, real estate stocks have suffered, pressuring the index the most, amid growing concern of an oversupply in the residential market.

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