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Thu 5 Mar 2015 11:53 AM

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Stock markets: Gulf bourses soft; ex-dividend FGB weighs on Abu Dhabi

Burj Khalifa developer Emaar Properties dropped 2.2%

Stock markets: Gulf bourses soft; ex-dividend FGB weighs on Abu Dhabi
Qatari investor stock exchange

Most Gulf stock markets edged down in early trade on Thursday and Abu Dhabi's bourse led losses because of large lender First Gulf Bank (FGB), which went ex-dividend.

The Abu Dhabi benchmark fell 1.8 percent as FGB tumbled 5.2 percent. Its shares no longer carry the 2014 dividend of 1.00 dirham per share or entitle their holders to the 15.38 pct bonus share issue.

Qatar's Doha Bank also fell on its ex-dividend date, tumbling 7.6 percent and dragging the Doha benchmark down 0.2 percent.

Dubai's market fell 0.7 percent as leading developer Emaar Properties dropped 2.2 percent. The firm has proposed a 2014 cash dividend of 0.15 dirham per share, the same as the cash payout proposed for 2013, but it did not match the 10 percent bonus share issue for the prior year.

Oman's bourse edged down 0.2 percent while Kuwait was flat.

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