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Thu 10 Mar 2016 12:33 PM

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Dubai and Qatar slip, Abu Dhabi down in early trade

Abu Dhabi's Union National Bank, which went ex-dividend on Wednesday, tumbled 7.0 percent in the first 40 minutes of trade

Dubai and Qatar slip, Abu Dhabi down in early trade
(AFP/Getty Images)

Stock markets in Dubai and Qatar extended the previous day's losses in early trade on Thursday, while Abu Dhabi pulled back after poor weather forced the closure of the exchange on Wednesday.

Abu Dhabi's Union National Bank, which went ex-dividend on Wednesday, tumbled 7.0 percent in the first 40 minutes of trade on Thursday as delayed sell orders went through.

Other blue-chip banks were also sold; Abu Dhabi Islamic Bank and National Bank of Abu Dhabi each fell more than 1.0 percent. The market's main index was down 0.9 percent.

In Dubai, the index pulled back 0.7 percent; Dubai Islamic Bank tumbled 6.5 percent as it went ex-dividend. National Central Cooling (Tabreed), which also went ex-dividend, fell 3.4 percent.

But some of the most heavily traded stocks on the bourse gained, with Arabtec climbing 1.7 percent, adding to a 1.2 percent rise on Wednesday.

Qatar's main index slid 0.2 percent in modest trade as large-cap stocks were sold off. Qatar Electricity and Water and Qatar Islamic Bank retreated 2.1 and 1.3 percent respectively.

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