Etisalat lifts Abu Dhabi index; Barwa drags down Qatar

Stock markets in the United Arab Emirates outperformed regional peers on Monday as Abu Dhabi’s general index rose nearly 1 percent to 4,604 points, helped by telecom heavyweight Etisalat.

The telco jumped nearly 3 percent to AED 18. Etisalat’s board members will meet March 8 to discuss issuing final dividends for 2016.

Energy firm TAQA was also among the top gainers, soaring 6.4 percent to AED 0.50. Banking blue chip National Bank of Abu Dhabi added 2 percent to AED 10.65.

In Dubai, the main index climbed 0.4 percent to 3,557 points. Volumes were weak at AED 396 million.

Arabtec Holding closed 6.4 percent higher at AED 0.934, easing from the session’s high of over 9 percent. The stock has been under pressure since it posted losses for fiscal year 2016.

Emaar Properties rose 1.3 percent to AED 7.65, before trading was suspended at 12 noon for the company’s board meeting. The meeting’s agenda included discussion on dividend distribution for 2016.

Elsewhere in the Gulf, Qatar lost nearly 1 percent to settle at 10,623 points. Real estate firm Barwa, which traded ex-dividend, plunged 8.7 percent to QAR 36.25.

Meanwhile, Saudi Arabia’s Tadawul All Share Index was last trading up 0.3 percent.

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