Most stock markets in the Gulf moved little in early trade Monday driven by flat global equity markets and crude oil prices, but Dubai outperformed on the back of advances in mid-to-large sized companies.
Dubai’s index added 0.5 percent as Emaar Properties gained 0.8 percent after saying it would recover 1.22 billion dirhams ($332 million) from an insurance claim for a fire that engulfed one of its hotels, The Address Downtown, on New Year’s Eve 2015.
But GFH Financial Group droppped 3.9 percent after announcing plans for a big increase in share capital to fund a new growth strategy of acquiring financial institutions and infrastructure investments.
Large caps helped carry Abu Dhabi’s index 0.1 percent higher. Dana Gas, which has not yet reported quarterly earnings, rose 1.9 percent.
Saudi Arabia’s index barely moved in the first half-hour. Loss-making mobile telecommunications company Etihad Atheeb sank a further 4.1 percent after dropping 3.9 percent on Sunday; the stock had soared last week on news that Atheeb had signed a deal to sell part of its tower network to Saudi Telecom Co.
But Yanbu Cement jumped 4.9 percent after saying it would distribute a cash dividend of 2 riyals per share for the second half of 2016, taking the full-year cash outlay to 3 riyals – although that is lower than the 5 riyals per share paid for 2015.