Gulf stocks mixed; ex-dividend banks weigh on Abu Dhabi

Stock markets in the Gulf were mixed on Thursday following a sharp decline in oil prices yesterday. Abu Dhabi’s main index suffered as ex-dividend shares of heavyweight lenders tumbled.

The general index in Abu Dhabi slumped nearly 3 percent to 4,457 points as First Gulf Bank plunged 8.7 percent to AED 12.6 and National Bank of Abu Dhabi fell 4.2 percent to AED 10.25. The two banks, which are preparing to merge by April 1, were trading ex-dividend.

Union National Bank slipped 2.4 percent to AED 4.15. Today was the last day to participate in UNB’s cash dividend.

In Dubai, the main index slipped 0.3 percent to 3,520 points. Amusement park developer DXB Entertainments fell 4.7 percent to AED 1.01, while Aramex rose 2.8 percent to AED 5.5.

Elsewhere in the region, Qatar’s QE index rebounded 1 percent to 10,467 points as Doha Bank recovered 2.5 percent to QAR 32.8. The lender had been under pressure since it went ex-dividend earlier this week.

Kuwait regained some ground after losses this week, with the price index up 0.9 percent.

Meanwhile, Saudi Arabia’s Tadawul All Share Index was last trading down 0.7 percent.

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