Shares in Dubai led losses across the region yesterday as Emaar Properties dashed market speculation it was planning an additional dividend payment.
Saudi shares followed Dubai stocks lower, even as oil prices rallied in the early afternoon on an initial agreement by major oil producers to push for an extension of output cuts.
Brent crude futures were up at around US$53.43 per barrel by late afternoon yesterday, after having fallen for three days in a row.
The Dubai Financial Market General Index closed down 1 per cent at 3,469.82, weighed down by index heavyweight Emaar. The developer’s shares closed down 2.3 per cent at Dh7.40, after Al Arabiya TV reported the company had no plans to distribute extraordinary dividends
Lender Mashreq and Dubai Investments also registered sell-offs, falling 10 per cent and 2.7 per cent, respectively.
Union Properties and Emaar Malls led a handful of gainers, rising 5.8 per cent and 1.1 per cent, respectively.
In the capital, the Abu Dhabi Securities Exchange General Index closed down 0.2 per cent at 4,521.63. First Abu Dhabi Bank (ticker: NBAD) fell 0.5 per cent to Dh10.90, even after its first-quarter results came in ahead of analysts’ estimates.
Shares in Taqa were among the strongest gainers in the capital, closing up 7.1 per cent. On Wednesday, the company’s shareholders elected a new board of directors including three new members.
In Saudi Arabia, the Tadawul index closed 0.7 per cent lower. Shares in Dar Al Arkan ended unchanged, after the property developer announced a 79 per cent fall in first-quarter profits, which it attributed to lower property sales.
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