Dubai Financial Market banking stocks fall on sell-offs

Banking stocks were the main losers on the markets on Thursday, as the expiry of dividend periods led to sell-offs.

Emirates NBD shares, which as of Thursday no longer carry a dividend of Dh0.35 for 2014, fell by 3 per cent, their steepest fall since late January, closing the day at Dh9 each.

The fall in the bank’s shares was counterbalanced somewhat by the construction firm Drake & Scull International (DSI), which enjoyed its best day since early February.

DSI shares closed up 4.86 per cent higher at 75.5 fils, after the firm’s Qatari subsidiary said that construction work on the flagship project Mall of Qatar was progressing according to schedule.

The Mall of Qatar, one of the country’s largest construction projects, is on schedule to be completed before the end of the year, the managing director of Drake & Scull Engineering told The Peninsula newspaper.

Amanat, Shuaa and Air Arabia were among the other main gainers in Dubai, all rising by more than 2.5 per cent on the day.

The DFM General Index itself was little changed, closing up 0.3 per cent at 3,707.77.

In the capital, shares in Abu Dhabi Commercial Bank, which also went ex-dividend, were among the main losers of the day, closing down 6.39 per cent at Dh6.88. Aldar Properties and Waha Capital also ended the day marginally lower.

The Abu Dhabi Securities Exchange General Index ended the day down 0.36 per cent at 4,483.54.

jeverington@thenational.ae