Mideast Stocks: Ex-dividend stocks hit Dubai as Gulf markets mixed

Dubai's main share index fell 0.7%


Share markets in the Gulf were mixed on Tuesday, with the Dubai index hit by stocks trading ex-dividend.

Dubai's main share index fell 0.7%, weighed down by a 3.1% drop in blue-chip developer Emaar Properties and a 3.7% decline in Dubai Investments as both traded ex-dividend.

However, Emirates NBD (ENBD) rose 0.4%, on track to extend gains from the previous session.

ENBD, Dubai's biggest lender, reported on Tuesday a 12% rise in first-quarter net profit, citing improving economic conditions after the fallout from the COVID-19 pandemic and a sharp drop in impairments. 

The bank said expansion into Turkey, where it acquired DenizBank in 2019, has helped diversify its earnings, with DenizBank contributing 642 million dirhams ($174.80 million) or 28% of the group's net profit.

In Abu Dhabi, the index gained 0.7%, with aquaculture firm International Holding jumping about 6%.

Recently, International Holding has been the main driving force for the index as the firm has expanded rapidly across major business sectors, boosting profit and positioning it for long-term growth.

The United Arab Emirates' central bank said on Tuesday it has extended until mid-2022 stimulus measures launched last year to mitigate the impact of the coronavirus crisis on the economy. 

The Qatari index slipped 0.4%, hit by a 1.2% fall in petrochemical maker Industries Qatar.

Saudi Arabia's benchmark index was flat as gains in financial shares were offset by losses at energy firms.

The kingdom's crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world's biggest oil exporter voluntarily capped output to support oil prices. 

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Susan Fenton) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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