Dubai’s stock market drops after four straight days of gains

Dubai’s stock market dropped on Thursday, weighed down by its property shares.

In Dubai, the index fell 0.7 per cent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 per cent. Its board proposed a full-year dividend of 15 fils a share.

Emaar’s unit Emaar Malls fell 2.3 per cent after declaring an unchanged full-year dividend of 10 fils per share.

Arqaam Capital said it expected flat dividends of 15 fils per share from Emaar Properties and 11 fils per share from Emaar Malls, adding that it is “selectively positive” on UAE real estate despite a challenging market in 2019.

The emirate’s largest bank, Emirates NBD, traded flat. It listed a $1bn conventional bond on Nasdaq Dubai.

Network International Holdings, the largest payment processing company in Africa and the Middle East, said it intends to float on the London stock exchange.

The Dubai-based company is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

Saudi Arabia’s index edged up 0.1 per cent with petrochemical maker Saudi Basic Industries gaining 0.2 per cent and Samba Financial Group adding 0.5 per cent.

Al Ahsa Development climbed 4.4 per cent after providing an update on the acquisition of Salam Medical Services.

Saudi Arabian Refineries gained 1.2 per cent after its full-year net profit doubled.

The Abu Dhabi index was up 0.2 per cent with First Abu Dhabi Bank (FAB) adding 0.7 per cent and National Bank of Ras Al Khaimah rising 2.4 per cent. The latter’s shareholders renewed their approval to issue bonds.