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Shares In UAE’s UNB Down On MSCI Disappointment

Shares In UAE’s UNB Down On MSCI Disappointment

Some analysts had predicted UNB might be added to the MSCI index, but it was not.

Shares in Abu Dhabi’s Union National Bank fell 5.6 per cent by midday on Sunday on disappointment that the stock was not added to MSCI’s emerging market index, traders said.

In a semi-annual review, published at the end of last week and to take effect at the end of this month, MSCI made various adjustments to its indexes, including an increase in the weightings for three stocks in the United Arab Emirates and four in Qatar.

Some analysts had predicted UNB might be added to the MSCI index, but it was not. Some investors appeared to switch out of UNB on Sunday into First Gulf Bank, which had its weighting raised by MSCI and was up 5.1 per cent.

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