Dubai: Abu Dhabi index tumbled on Thursday registering its lowest level in a month, due to price adjustments after the two big banks went ex-dividend.

The Abu Dhabi Securities Exchange General Index closed 2.91 per cent lower at 4,457.30, after falling to a low of 4,437.57, the lowest level since February 5.

“The sharp fall was after the two big banks went ex-dividend,” Sanyalaksna Manibhandu, director, Research, National Bank of Abu Dhabi Securities.

First Gulf Bank closed 8.7 per cent lower at Dh12.60, while National Bank of Abu Dhabi closed 4.21 per cent lower at Dh10.25. Both these banks will merge from April 1.

“People were not active on Etisalat, but the potential in Etisalat is a lot more, even though they might have short-term challenges,” Manibhandu said. Etisalat closed flat at Dh17.85.

Out of a total of 27 stocks traded on the exchange, shares of 14 firms fell, while other 4 rose. The rest remained steady.

Emaar stabilises

Emaar Properties stabilised after falling during the previous two sessions.

“I knew people would buy back Emaar because it’s a good presentation among Dubai stocks, and gives you exposure to not only property but also to hospitality in this country and in this region,” said Manibhandu.

Emaar Properties closed 0.14 per cent higher at Dh7.34, after losing nearly 4 per cent in the past two sessions.

The Dubai Financial Market General Index closed 0.30 per cent lower at 3,520.17. Aramex closed 2.8 per cent higher at Dh5.50, and was the actively traded stock, contributing to 35 per cent of the total volume of Dh508 million. Dubai Entertainments closed 4.72 per cent lower at Dh1.01. Gulf Finance House fell more than 1 per cent at Dh2.51. Out of a total of 33 stocks traded on the exchange, shares of 22 firms fell while other 7 rose.

Elsewhere in the Gulf, the Saudi Arabia’s Tadawul index closed more than half a per cent lower at 6,916.84.

The Qatar exchange index closed 1.02 per cent higher at 10,467.23, bucking a weak trend regionally. Next week, traders would be keenly watching the non-farm payrolls data for indications on the next move from the US Federal Reserve along with elections in the Netherlands.

“Unless the payrolls data is very very bad, there is no chance, that would stop the Fed from raising rates,” Manibhandu said.

Emerging market like the UAE looks to the monetary policy in the United States, as the local currency is pegged to the dollar.