Dubai hits two-month low

Dubai's shares declined to the lowest level in more than two months as two companies went ex-dividend - passing the date after which the buyers of the shares will not be eligible to receive the dividend for the previous period.

Emaar Properties dropped 3 per cent to Dh3.15. The developer behind the Burj Khalifa, the world's tallest tower, is expected to pay a cash dividend of 10 fils per share.

Dubai Investments fell 7.4 per cent to 77 fils. The firm is expected to pay 5 per cent of its profits for last year to shareholders. Dubai Financial Market Company said it would report its first-quarter results following its board meeting on May 7. Shares of the only publicly listed bourse in the region have risen from 83 fils in January to Dh1.12 yesterday as traded value on the exchange doubled from last year's average.

"The stock has moved quite a bit this year already. It's fairly valued at the moment," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "What will take the price higher is strong and sustainable volumes … more listings, more interest and an upgrade by MSCI."

The Dubai Financial Market General Index lost 1.6 per cent to 1,596.92, the lowest since February 21, while the Abu Dhabi Securities Exchange General Index was little changed at 2,505.54.

Kuwait's measure rose 0.6 per cent to 6,440.90. Bahrain's measure slipped 0.1 per cent to 1,150.73. Oman's MSM 30 Index added 0.3 per cent to 5,852.20. Qatar's index was little changed at 8,666.24. The Saudi Tadawul All-Share Index closed up 0.01 per cent to 7,545.91.

halsayegh@thenational.ae

twitter: Follow and share our breaking business news. Follow us

iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.