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MIDEAST STOCKS-UAE markets slip on ex-dividend stocks, Saudi inches up

Credit: REUTERS/Faisal Al Nasser

Dubai and Abu Dhabi's stock markets slid on Thursday, pulled down by firms which traded ex-dividend, while most major Gulf markets fell.

April 25 (Reuters) - Dubai and Abu Dhabi's stock markets slid on Thursday, pulled down by firms which traded ex-dividend, while most major Gulf markets fell.

Dubai's index .DFMGI declined 0.8 percent, with Dubai Investments DINV.DU plunging 8 percent as the stock traded ex-dividend. Emaar Properties EMAR.DU, the Emirate's largest listed developer, was down 1 percent.

The Abu Dhabi index .ADX was down 0.6 percent, led by a 6.4 percent decrease in energy company Dana Gas DANA.AD after the stock went ex-dividend.

Emirates Telecommunications Company ETEL.AD slipped 0.5 percent. On Tuesday, the telecom operator posted a drop in its first-quarter revenue.

Qatar's blue-chip index .QSI fell 0.4 percent as market heavyweight Industries Qatar IQCD.QA dipped 1.6 percent for the third straight session. On Monday, the company posted first-quarter net profit that almost halved, pressured by weak demand for its products and constraints on pricing.

But Qatar First Bank QFBQ.QA added 1.5 percent after the lender swung to a first-quarter profit from a loss the year before.

Saudi's index .TASI edged up 0.2 percent, with Arabian Cement 3010.SE adding 2.5 percent after posting a first-quarter profit from a loss a year earlier.

National Commercial Bank 1180.SE was up 1.3 percent. The country's largest lender on Tuesday reported a 5.7 percent rise in first-quarter net profit.

(Reporting by Ateeq Shariff in Bengaluru Editing by Keith Weir)

((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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