x Abu Dhabi, UAEThursday 18 January 2018

Property the stock of the day on UAE bourses

Market Wrap: Property stocks surge after Emaar Properties approves a dividend, the company's first in three years - with video.

Property stocks gained at the close after Emaar Properties approved a 10 per cent dividend.

Emaar Properties added 0.8 per cent to Dh3.19 a share, the first trading session since the company agreed to a 10 per cent dividend, the first time since 2008.

Other listed developers also made decent gains. Deyaar Development added 1.7 per cent to 23 fils. Union Properties added 1.3 per cent to 29 fils. Dubai's main benchmark lost 0.1 per cent to 1555.49 points.

In Abu Dhabi, Aldar Properties rose 1.3 per cent to Dh1.51 a share. Sorouh Real Estate moved 3.2 per cent higher to Dh1.27. The Abu Dhabi Securities Exchange General Index ended 1.1 per cent higher to 2634.69.

Elsewhere in the region, Kuwait's measure gained 0.2 per cent to 6323. Bahrain's index remained flat at 1426.57. Oman's benchmark lost 0.5 per cent to 6338.76. Qatar's measure added 0.3 per cent to 8398.64. The Saudi Tadawul All-Share Index was flat at 6509.51.