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Repeat MSCI snub shows investor apathy for Gulf
Liquidity and lack of short-selling were reasons for MSCI's decision to keep the UAE as a frontier market. And MSCI sees little time for the country to implement reforms before next review.
December 18, 2011 3:58 by Reuters
…exit positions in bluechip stocks, a worry for foreign investors keen to maintain nimble portfolios in uncertain times.
“On the Qatar side, we have highlighted that there has been little progress,” said Briand.
Qatar Exchange described the decision “as understandable in view of the fact that no changes have yet been made to foreign ownership limits.”
Nasdaq Dubai’s Singer preferred to see the glass half full.
“The decision gives the UAE the opportunity to improve some of its operations and work aggressively over the next few months to makes changes that would enable institutional investors to come into the market,” he said.
“Short-selling would create more liquidity by allowing investors with competing convictions to play the market – at the moment, investors can only come in if they believe the market will go up.” (By Matt Smith)
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