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UPDATE 1-MIDEAST STOCKS-UAE, Qatar edge up, but Dubai's DAMAC plunges on dividend
February 9, 2015 / 7:02 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-UAE, Qatar edge up, but Dubai's DAMAC plunges on dividend

(Updates with markets open)

DUBAI, Feb 9 (Reuters) - Gulf stock markets were neutral-to-positive in early trade on Monday, but Dubai real estate developer DAMAC plunged after it proposed no cash dividend for 2014, disappointing investors.

Shares in DAMAC fell their daily 10 percent limit to 2.79 dirhams. The company on Monday proposed a 10 percent bonus share issue equivalent to 500 million dirhams ($136.1 million) but no cash payout for 2014; analysts had forecast a dividend of 0.14 dirham, and the stock had shot up 73 percent this month ahead of the announcement.

Other Dubai stocks were mostly positive and the emirate’s index rose 1.0 percent. Emaar Properties added 1.4 percent and its subsidiary Emaar Malls surged 4.9 percent.

Abu Dhabi’s benchmark inched up 0.1 percent. Shares in Sharjah Cement surged 5.5 percent after the company reported a 27 percent rise in 2014 net profit.

Qatar’s bourse added 0.6 percent and Qatar International Islamic Bank rose 1.2 percent. The lender reported a 10 percent increase in 2014 net profit and proposed a 40 percent cash dividend on Monday.

Markets in Oman and Kuwait were nearly flat. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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