Dubai’s main share index ended virtually unchanged on Tuesday, as a sharp fall by Dubai Islamic Bank was offset by rising real estate stocks.
Dubai Islamic Bank, which has the second heaviest weighting on the Dubai Financial Market General Index, fell 5.9 per cent to Dh6.38 – the heaviest one-day fall since mid-December.
The bank announced a dividend of 40 fils per share in January, with Tuesday’s ex-dividend date sparking a sell-off by investors.
Union Properties was among the main gainers on the DFM after it announced a 3 per cent cash dividend – its first in 13 years.
The developer of Dubai’s Motor City’s shares rose 5.88 per cent to Dh1.08.
The index closed at 3,752.52.
In the capital, the Abu Dhabi Securities Exchange General Index closed 1.43 per cent lower at 4,512.79, with Etisalat, FGB and ADCB ending in the red.
United Arab Bank was the main gainer in its busiest day of trading in more than five years, rising 5.99 per cent to Dh6.90.
An Abu Dhabi-based trader, who did not want to be named, attributed the stock’s high volume to a cross-trade between two investors, as opposed to a wider interest in the stock.
jeverington@thenational.ae
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