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MIDEAST STOCKS-Emaar pulls down Dubai, ex-dividend shares hit Qatar
March 7, 2017 / 7:35 AM / 6 months ago

MIDEAST STOCKS-Emaar pulls down Dubai, ex-dividend shares hit Qatar

DUBAI, March 7 (Reuters) - 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. (Reporting by Andrew Torchia; Editing by Dominic Evans)

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