FGB shares plunge on Abu Dhabi bourse as stock goes ex-dividend

FGB plunged on Tuesday as the stock went ex-dividend, dragging down Abu Dhabi’s headline index, with Dubai stocks also ending in the red.

FGB, the UAE’s largest bank by market capitalisation, closed down 9.7 per cent at Dh12, its sharpest one-day fall since December 2014, on the first day when buyers were no longer entitled to the 100 per cent cash dividend for last year.

The Abu Dhabi Securities Exchange General Index led ­losses across the region, shedding 2.1 per cent at 4,403.43, with UNB, ADCB and Dana Gas among the other big-name stocks finishing in the red.

Etisalat was the pick of a handful of gainers, rising by 3 per cent to Dh18.80, with NBAD and ADIB also rising.

Shares in Dubai rose during the first hour of trading before slipping into the red, eventually closing down 0.87 per cent at 3,321.83, with real estate and construction names leading the downwards trend.

Arabtec Holding and Deyaar Properties were among the worst-affected big names, closing down 6 and 5.7 per cent respectively, while index bellwether Emaar Properties finished off 1.1 per cent at Dh6.11.

Du and Emaar Malls were the pick of the big-name stocks, rising by 1.3 and 0.7 per cent respectively.

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