DUBAI, March 7 Most Gulf stock markets fell in
early trade on Tuesday with blue chip Emaar Properties
pulling down Dubai and Qatar's index sinking as two major stocks
Dubai's index slipped 1.0 percent as Emaar lost 3.3
percent after it proposed a cash dividend of 15 percent for
2016, unchanged from the previous year despite a 28 percent rise
in annual net profit.
Also, loss-making construction firm Arabtec
dropped 2.1 percent, partially erasing Monday's 6.4 percent
Qatar's index slid 0.8 percent to 10,539 points as
Doha Bank plunged its 10 percent daily limit and Qatar
Electricity & Water lost 3.9 percent; both went
ex-dividend on Tuesday.
The index has major technical support around 10,500 points,
where the February lows coincide with the December peaks.
Abu Dhabi, which was flat, and Saudi Arabia,
which edged up 0.1 percent, outperformed the region. Much
activity in Riyadh focused on second- or third-tier stocks
favoured by local retail speculators, with Solidarity Takaful
, an Islamic insurer, surging 5.9 percent in unusually
In Bahrain, Aluminium Bahrain climbed 2.0 percent
after its board recommended a cash dividend of 21 fils per share
for 2016; early this month, the board had said it decided not to
distribute a dividend.
(Reporting by Andrew Torchia; Editing by Dominic Evans)