Dubai

Emaar Properties, which gave a lower than expected special dividend, tumbled more than 6 per cent on Wednesday, weighing on the Dubai index.

But that did not impact the other stocks, which traded mixed, indicating a positive sentiment.

Emaar Properties closed 6 per cent lower at Dh7.22. The Dubai Financial Market General Index closed 1.44 per cent lower at 3,404.09.

“Emaar’s special dividend is somewhat disappointing given market was expecting all the IPO proceeds to be paid out to shareholders,” said Vrajesh Bhandari, portfolio manager at Al Mal Capital.

The silver lining was that, other stocks remained mixed despite weak sentiment in the company with the highest weightage on the index. “Nevertheless, the positive is that many stocks held their ground and some even managed to close higher, unlike in the past where the market bellwether would just drag everything lower with it,” Bhandari said.

Amanat closed 0.77 per cent higher at Dh1.31. Drake and Scull closed steady at Dh2.22. Emaar Development closed at Dh5.38, down 2.18 per cent.

Shuaa Capital closed 4.2 per cent higher at Dh1.24. First Abu Dhabi Bank Securities had a technical buy in Shuaa at Dh1.16.

“Shuaa may extend gains to it Dh1.30/1.45 in the near term. The stock is trading over 14/21 day moving averages,” said Shiv Prakash, senior analyst with FAB Securities in a previous note.

Some activity was also seen in Amlak Properties, which gained 1 per cent to be at Dh1.02.

Traded value jumps

Traded value on the Abu Dhabi index rose after the listing of Adnoc Distribution, which contributed to 40 per cent to the total turnover.

The traded value stood at Dh231 million on Wednesday compared to Dh84 million on Tuesday mainly due to the boost received by the new listing. The Abu Dhabi Securities Exchange at 4,384.36, up 0.06 per cent. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.4 per cent lower at 7,094.11.

Union properties shares snap 5-day rise

Union Properties snapped a 5-day rising streak on Wednesday after Bluestone Fund bought 5.02 per cent stake in the company.

It was not clear when and how Bluestone bought the stake, but shares of Union Properties have gained 7.8 per cent in the past five session without any material spike in volumes.

Union Properties shares closed 0.91 per cent lower at Dh0.88.