March 6 (Reuters) - Abu Dhabi's stock index fell sharply onWednesday, hurt by a slide in First Abu Dhabi Bank
,while Qatar was pulled down by Industries Qatar
, afterboth shares went ex-dividend.
The Abu Dhabi index
fell 2 percent, declining for thefifth straight session with First Abu Dhabi Bank
, thecountry's largest lender, slumping 4.5 percent.
The bank announced a cash dividend of 0.74 dirhams lastmonth.
fell 0.9 percent as market heavyweightIndustries Qatar
slid 4.6 percent and MesaieedPetrochemical
lost 2.1 percent.
The Saudi index
dipped 0.2 percent with NationalCommercial Bank
sliding 0.4 percent and Saudi BasicIndustries
shedding 0.3 percent.
Saudi Pharmaceutical Industries And Medical Appliances
fell 0.4 percent after its full-year net profitdropped to 100.8 million riyals ($26.88 million) from 148.5million riyals a year earlier.
But Abdullah Abdul Mohsin Al Khodari Sons
gained3.3 percent after it called for a shareholder meeting to discusscapital restructuring through a number of options includingdissolution of the firm.
The Dubai index
was down 0.3 percent with Tabreed
decreasing 2.4 percent and Amlak Finance
falling 1.9 percent.
Dubai property prices have been slipping from their mid-2014peak and were partly behind the index's worst performance inlocal currency terms compared with other major global marketslast year.
Although Dubai stocks have rallied this year, led by strongfourth-quarter results at real estate companies, an expectedfurther fall in property prices is capping gains.
($1 = 3.7502 riyals)
(Reporting by Ateeq Shariff in BengaluruEditing by Andrew Heavens) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))