DUBAI Feb 6 Most stock markets in the Gulf
moved little in early trade on Monday because of flat global
equity markets and crude oil prices, but Dubai outperformed on
the back of advances in mid-to-large sized companies.
Dubai's index added 0.5 percent as Emaar Properties
gained 0.8 percent after saying it would recover 1.22
billion dirhams ($332 million) from an insurance claim for a
fire that engulfed one of its hotels, The Address Downtown, on
New Year's Eve 2015.
But GFH Financial Group droppped 3.9 percent after
announcing plans for a big increase in share capital to fund a
new growth strategy of acquiring financial institutions and
Large caps helped carry Abu Dhabi's index 0.1 percent
higher. Dana Gas, which has not yet reported quarterly
earnings, rose 1.9 percent.
Saudi Arabia's index barely moved in the first
half-hour. Loss-making mobile telecommunications company Etihad
Atheeb sank a further 4.1 percent after dropping 3.9
percent on Sunday; the stock had soared last week on news that
Atheeb had signed a deal to sell part of its tower network to
Saudi Telecom Co.
But Yanbu Cement jumped 4.9 percent after saying
it would distribute a cash dividend of 2 riyals per share for
the second half of 2016, taking the full-year cash outlay to 3
riyals - although that is lower than the 5 riyals per share paid
(Reporting by Celine Aswad; Editing by Andrew Torchia/Jeremy