Gulf stocks decline; Emaar slumps after dividend offer

Gulf markets were mainly negative on Tuesday, with Dubai and Qatar’s indexes leading declines.

Dubai’s benchmark index fell 1.5 percent to 3,502 points, following a 3.8 percent drop in Emaar Properties (AED 7.36). The developer’s board proposed a 15 percent cash dividend for 2016, unchanged from 2015 even as its 2016 earnings rose 28 percent year-on-year.

Arabtec Holding declined 2.1 percent to reach AED 0.914, erasing some of its gains from the previous session. The loss-making contractor has been under pressure since reporting its 2016 earnings.

Blue chip lenders Emirates NBD and Dubai Islamic Bank lost 2 percent each.

Abu Dhabi’s general index slipped 0.3 percent to 4,591 points, with maximum drag coming from the energy sector. TAQA reversed previous session’s gains as it plunged 6 percent; Dana Gas was down 2.2 percent.

In Qatar, the QE index slumped nearly 2 percent to 10,417 points. Doha Bank went limit down to QAR 35.1; Qatar Electricity and Water Co. dropped 6 percent to QAR 216.1; and Mesaieed lost 4.8 percent to reach QAR 15. The stocks were trading ex-dividend.

Elsewhere in the region, Kuwait’s price index fell 1.3 percent.

Saudi Arabia’s Tadawul All Share Index was last trading up 0.4 percent.

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