Emaar shares slip after dividend announcement

Some investors disappointed that Dubai developer did not revise divident upwards

Shares in Dubai's Emaar Properties slipped on Wednesday after shareholders agreed on 2012 dividends, disappointing some investors who were hoping for an upward revision and pulling down the bourse from a 40-month high.

Emaar declined 1.7 percent, trimming 2013 gains to 45.3 percent.

Shareholders approved the board's recommendation to distribute a 10 percent cash dividend for 2012, maintaining the same level as the previous two years.

Dubai's index was choppy in early trade, easing 0.06 percent to 1,962 points.

Dubai Investments gained 3.4 percent, accounting for the highest trading volumes.

Abu Dhabi's benchmark climbed 0.9 percent to 3,116 points. First Gulf Bank was the main support, rising 2.4 percent.

Elsewhere, Kuwait's index advanced 0.3 percent to 6,962 points and Oman's measure dipped 0.2 percent to 6,212 points.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Trading from the frontline in Palestine

Trading from the frontline in Palestine

Palestine’s economy has been crippled by the war on Gaza but...

Most Discussed
sponsoredTracking