x Abu Dhabi, UAESaturday 22 July 2017

Optimism the stock in trade in the UAE after dividend payouts

Markets Update: The UAE stock-markets rose today, amid heightened investor sentiment after dividend payouts met expectations of shareholders.

The UAE stock-markets rose on Wednesday, amid heightened investor sentiment after dividend payouts met expectations of shareholders.

National Bank of Abu Dhabi rose 0.4 per cent to Dh10.75. The country's second largest lender by assets announced a 30 per cent cash dividend and a 30 per cent distribution of bonus shares after reporting a full year profit of 3.7 billion on Tuesday.

Other banking stocks also rose. First Gulf Bank jumped 1.7 per cent to Dh17.45 a share. Union National Bank added 1.6 per cent to Dh3.06. Abu Dhabi Islamic Bank added 1.5 per cent to Dh3.20.

The UAE exchanges were buffeted last year by the Arab Spring and Europe's debt crisis.

The Abu Dhabi Securities Exchange and the Dubai Financial Market General Index lost 11.6 per cent and 16.9 per cent respectively. Investors held their stocks with the expectation of generous dividends.

Elsewhere in the region, Kuwait's index slipped 0.3 per cent to 5851.30 points. Bahrain's index added 0.3 per cent to 1139.83 points. Oman's MSM 30 Index was little changed at 5565.92 points. Qatar's QE Index added 0.2 per cent to 8591.62 points. The Saudi Tadawul All-Share Index added 1 per cent to 6626.04 points.

 

halsayegh@thenational.ae