GFH shares shine on DFM before stocks go ex-dividend.
Summary: DIB rights acting as a dampener on local markets
Siddesh Suresh Mayenkar, Senior Reporter
Dubai: Gulf Finance House shares rose more than 5 per cent on Sunday as sluggish mood continued among traders before some of the stocks go ex-dividend.
GFH shares closed 5.38 per cent higher at Dh1.37. The Dubai Financial Market General Index closed 0.61 per cent higher at 3,306.57.
Dubai Islamic Bank closed 1.15 per cent higher at Dh6.17. DIB is planning to raise Dh1.647 billion on the Dubai Financial Market by issuing additional shares. Shareholders will have a right to buy one share for every three shares held and will have a nominal value of Dh1, and the rights may be at a discount to market price.
"DIB [Dubai Islamic Bank] rights is a dampener in the very short term. The uncertainty over pricing of DIB rights is weighing on markets," Sanyalaksna Manibhandu, head of research, First Abu Dhabi Bank Securities told Gulf News.
Traders were not forthcoming ahead of ex-dividend dates on many shares. "A lot of stocks will go ex-div, institutions will go for the dividend. Retail traders are doing nothing. People are unsure and are waiting around as there is no conviction in absence of any catalysts," said Manibhandu, adding, "people don't want to be the first movers in such a market."
Traders may look at first quarter bank results to decide the outlook for the remaining quarters.
Emaar Properties closed 0.63 per cent higher at Dh6.37. Union Properties closed ended 0.34 per cent lower at Dh0.873. Shuaa closed 2.68 per cent lower at Dh1.09.
Sideways movement was seen on Abu Dhabi bourse. The Abu Dhabi Securities Exchange general index closed 0.05 per cent higher at 4,582.01.
Aldar Properties closed 0.46 per cent higher at Dh2.17. Eshraq closed 2.78 per cent higher to Dh0.74.
Elsewhere in the Gulf, Saudi Arabia's Tadawul index closed 0.42 per cent lower at 7,493.63.
The Qatar exchange index closed 0.18 per cent lower to 9,080.13.
[c] Al Nisr Publishing LLC 2018. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
|Printer friendly Cite/link Email Feedback|
|Publication:||Gulf News (United Arab Emirates)|
|Date:||Feb 25, 2018|
|Previous Article:||GCC sovereign commercial debts set decline 15%.|
|Next Article:||Indian equities to seek direction from macro-data, global cues next week.|