Dubai: Emaar Properties was the most actively traded share on the Dubai Financial Market (DFM) general index on Tuesday, closing 0.64 per cent higher at Dh4.75, with traders positioning themselves for a higher dividend payout than last year’s.
The stock accounted for 15 per cent of the Dh242 million in shares that changed hands on the bourse, which closed the session 0.82 per cent higher at 2,641.43.
“Emaar traders are hoping [for a] better dividend than last year. If they don’t get a rewarding dividend then there may be a sharp profit-taking,” said one analyst who did not wish to be named.
Emaar Properties has been a shining star since the start of the year, registering gains of 16 per cent compared to the DFM general index’s 4 per cent gains. The company’s board is set to meet on Wednesday to decide on the dividend, that was at 2.58 per cent,
In other stock action, Aramex advanced 4.4 per cent to close at Dh4.94 while Emirates NBD rose 1.4 per cent to Dh9.90. Dubai Islamic Bank (DIB) went the other way, shedding 0.2 per cent to close at Dh4.90.
In the UAE capital, the Abu Dhabi Securities Exchange (ADX) general index closed 0.25 per cent higher at 5,079.38.
Union National Bank rose 0.36 per cent to Dh5.50, Abu Dhabi Islamic Bank ended 1.99 per cent higher at Dh4.62, and First Abu Dhabi Bank closed 0.27 per cent up at Dh14.86.
“Sentiment overall seems to be improving slightly especially after having government support to the banking sector,” Issam Kassabieh, a senior financial analyst at Menacorp, said.
“About banks in Abu Dhabi, investors are repositioning themselves in the banking sector once more, reaffirming their interest in the sector.”
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index rose 0.07 per cent to close at 8,658.95.
Saudi Kayan rose 0.41 per cent to close at 14.68 riyals while Dar Alarkan Real Estate Development Co ended 0.18 per cent lower at 11.18 riyals.
The Muscat MSM 30 index closed 0.69 per cent higher at 4,156.49 while the Kuwait All Share index was up 0.77 per cent at 5,414.34. The Qatar Exchange index closed 0.16 per cent lower at 9,957.03.