Union Properties surged 4.9% after proposing a 3% share cash dividend
Gulf stock markets moved very little in early trade on Tuesday as activity was largely driven by dividend events.
Dubai's index edged down 0.5 percent because of heavyweight Dubai Islamic Bank, which tumbled 6.2 percent as its shares no longer carried the AED0.40 2014 dividend.
Meanwhile, Union Properties surged 4.9 percent after proposing a 3 percent, or AED0.03 per share, cash dividend and a 5 percent bonus share issue for 2014. It would be the company's first cash dividend since 2002, according to Thomson Reuters data. Union Properties last issued bonus shares for 2013, a 5 percent issue.
Abu Dhabi slipped 0.1 percent because of Abu Dhabi National Energy Company, which tumbled 4.1 percent. The firm is due to report fourth-quarter earnings this month and its profit is likely to take a hit from oil's plunge late last year.
Qatar's benchmark edged up 0.2 percent on the back of blue chips Qatar National Bank and Industries Qatar , which rose 0.8 and 0.6 percent respectively. Property firm United Development dropped 4.5 percent as it went ex-dividend.
Markets in Oman and Kuwait were nearly flat.