Gulf stocks mixed; Aldar weighs on Abu Dhabi

Stock markets in the Gulf were mixed on Wednesday, with Abu Dhabi underperforming regional peers as Aldar Properties slumped.

Abu Dhabi’s general index fell 0.8 percent to 4,436 points. The emirate’s largest listed real estate firm, Aldar, plunged 6.2 percent to AED 2.26, after the stock went ex-dividend.

Bank also weighed on the main index, with Abu Dhabi Commercial Bank down 1 percent to AED 6.78. National Bank of Fujairah dropped nearly 8 percent to AED 3, as it traded ex-dividend.

On the other hand, energy firm TAQA climbed 2.2 percent to AED 0.46, amid stable oil prices that have risen above the $51-level.

In Dubai, the benchmark index closed flat at 3,447 points as heavyweight Emaar Properties and blue chip lender Dubai Islamic Bank moved in opposite directions. Emaar was up 0.3 percent at AED 7.22 while DIB fell 0.5 percent to AED 5.5.

Logistics firm Aramex jumped 2 percent to AED 5.08. Today was the last day for entitlement to its cash dividend.

Elsewhere in the Gulf, Qatar’s QE index slipped 0.4 percent to 10,417 points, dragged down by banking and telecom stocks.

Kuwait’s price index lost 0.6 percent to 7,008 points. Saudi Arabia’s Tadawul All Share Index was last trading up 0.8 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com