Gulf down, ex-dividends hurt Qatar

Dubai : Most Gulf stock markets fell yesterday as blue chip Emaar Properties pulled down Dubai and stocks going ex-dividend hit Qatar, although Saudi Arabia closed marginally higher.

Dubai’s index slipped 1.5 pc as Emaar lost 3.8 pc after it proposed a cash dividend of 15 pc for 2016, unchanged from the previous year despite a 28 pc rise in annual net profit.

Qatar’s index fell 1.9 pc to 10,417 points, falling below major technical support at around 10,500 points, where the February lows coincide with the December peaks.

Doha Bank fell by its 10 percent daily limit as it resumed trading after being suspended on Monday, and after shareholders approved a 20 pc capital increase through the issue of new shares

Saudi Arabia edged up 0.2 pc. Much activity in Riyadh focused on second or third tier stocks favoured by local retail investors, with Solidarity Takaful, an Islamic insurer, rising 6.5 pc in unusually heavy trade.

In Bahrain, Aluminium Bahrain rose 2.6 pc after its board recommended a cash dividend of 21 fils per share for 2016; earlier this month, the board had said it decided not to distribute a dividend.

Egypt’s index rose 0.4 pc. Investment bank EFG Hermes gained 1.2 pc.