Gulf stocks fall on oil prices, shares going ex-dividend

Gulf stock markets dropped at early trade on Wednesday as some shares went ex-dividend and after oil prices and global equity markets pulled back slightly. But solid trading volumes suggested investor sentiment was not gloomy.

Dubai’s index fell 0.7 percent with nine of the 10 most heavily traded stocks dropping. Union Properties, which has been extremely active and volatile in the last few days, fell 2.6 percent.

Emaar Malls slipped 0.4 percent after rising 1.5 percent in the opening minutes in response to its plan to pay a dividend of 0.1 dirham per share for the 15 months to Dec. 31, 2015.

Abu Dhabi’s index declined 0.8 percent because of profit-taking in banks, First Gulf Bank slid 1.1 percent, while Union National Bank tumbled 8.1 percent as it went ex-dividend.

Qatar dropped 1.0 percent as drilling rig provider Gulf International Services, the most heavily traded stock, pulled back 1.8 percent. United Development, the second-most active stock, plunged 6.7 percent as it went ex-dividend.

Source: Reuters