Emaar pulls down Dubai in early trading

Loss-making construction firm Arabtec dropped 2.1 percent
Emaar pulls down Dubai in early trading
By Reuters
Tue 07 Mar 2017 12:06 PM

Most Gulf stock markets fell in early trade on Tuesday with blue chip Emaar Properties pulling down Dubai and Qatar's index sinking as two major stocks went ex-dividend.

Dubai's index slipped 1.0 percent as Emaar lost 3.3 percent after it proposed a cash dividend of 15 percent for 2016, unchanged from the previous year despite a 28 percent rise in annual net profit.

Also, loss-making construction firm Arabtec dropped 2.1 percent, partially erasing Monday's 6.4 percent jump.

Qatar's index slid 0.8 percent to 10,539 points as Doha Bank plunged its 10 percent daily limit and Qatar Electricity & Water lost 3.9 percent; both went ex-dividend on Tuesday.

The index has major technical support around 10,500 points, where the February lows coincide with the December peaks.

Abu Dhabi, which was flat, and Saudi Arabia, which edged up 0.1 percent, outperformed the region. Much activity in Riyadh focused on second- or third-tier stocks favoured by local retail speculators, with Solidarity Takaful, an Islamic insurer, surging 5.9 percent in unusually heavy trade.

In Bahrain, Aluminium Bahrain climbed 2.0 percent after its board recommended a cash dividend of 21 fils per share for 2016; early this month, the board had said it decided not to distribute a dividend.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.