x Abu Dhabi, UAETuesday 23 January 2018

Shares fall at Middle East's Air Arabia as company goes ex-dividend

Markets Update: Air Arabia led shares lower after the low cost carrier went ex-dividend - with video.

The first and largest low-cost carrier in the Middle East and North Africa led UAE equities lower during trading, declining almost 9 per cent, after the company went ex-dividend.

Air Arabia reached its lowest closing price since its initial public offering, down 8.9 per cent to 76 fils a share. The company distributed dividends of 8 fils per share.

Arabtec Holding, Dubai's biggest contractor, was unchanged at Dh1.64 even after the company's CFO, Ziad Makhzoumi, said he maintains a positive outlook for the first quarter and beyond, despite the regional turmoil.

The Dubai Financial Market General Index declined 0.8 per cent to 1542.61.

The Abu Dhabi Securities Exchange General Index lost 0.02 per cent to 2634.13.

Elsewhere in the region, Kuwait's measure lost 1.1 per cent to 6253.20. Bahrain's measure added 0.4 per cent to 1432.23. Oman's index lost 1.7 per cent to 6225.36. Qatar's measure lost 0.1 per cent to 8383.36. The Saudi Tadawul All-Share Index was flat at 6523.18.