Markets Wrap: Dubai's shares rose yesterday as investors increased holdings in companies amid bets of increased dividend payouts in the new year.
Dubai stock investors eye dividend rise
Dubai's shares rose yesterday as investors increased holdings in companies amid expectations of increased dividend payouts in the new year.
Emaar Properties, the developer behind the Burj Khalifa, gained 1.6 per cent to Dh3.71. Aramex, the region's biggest courier company, advanced 2.5 per cent to Dh2.02. The Dubai Financial Market General Index gained 0.9 per cent to 1591.54 points.
"The next catalyst will be the fourth quarter results," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai.
"What's more important now is the dividend distribution, that's what people will be eyeing."
Abu Dhabi's index slipped yesterday, weighed by a few hundred thousand shares of banks changing hands, as six of the top traded stocks ended unchanged. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank fell 0.4 per cent and 0.3 per cent respectively, to close at Dh10.15 and Dh2.93 each.
"It just shows there's not enough interest in the market at the moment," said Mohammed Ali Yasin, the managing director at National Bank of Abu Dhabi's brokerage arm.
Elsewhere in the region, Kuwait's measure gained 0.3 per cent to 5,956.31 points. Bahrain's index was little changed at 1,046.26.
Oman's MSM 30 Index added 0.1 per cent to 5,644.59. Qatar's QE Index added 0.1 per cent to 8,350.74 points. The Saudi Tadawul All-Share Index closed up 0.29per cent to 6,870.88.