MIDEAST STOCKS Ex-dividend stocks hit #Dubai as Gulf markets mixed | Reuters

MIDEAST STOCKS Ex-dividend stocks hit Dubai as Gulf markets mixed | Reuters

Share markets in the Gulf were mixed on Tuesday, with the Dubai index hit by stocks trading ex-dividend.

Dubai's main share index (.DFMGI) fell 0.7%, weighed down by a 3.1% drop in blue-chip developer Emaar Properties (EMAR.DU) and a 3.7% decline in Dubai Investments (DINV.DU) as both traded ex-dividend.

However, Emirates NBD (ENBD) (ENBD.DU) rose 0.4%, on track to extend gains from the previous session.

ENBD, Dubai's biggest lender, reported on Tuesday a 12% rise in first-quarter net profit, citing improving economic conditions after the fallout from the COVID-19 pandemic and a sharp drop in impairments.

The bank said expansion into Turkey, where it acquired DenizBank in 2019, has helped diversify its earnings, with DenizBank contributing 642 million dirhams ($174.80 million) or 28% of the group's net profit.

In Abu Dhabi, the index (.ADI) gained 0.7%, with aquaculture firm International Holding (IHC.AD) jumping about 6%.

Recently, International Holding has been the main driving force for the index as the firm has expanded rapidly across major business sectors, boosting profit and positioning it for long-term growth.

The United Arab Emirates' central bank said on Tuesday it has extended until mid-2022 stimulus measures launched last year to mitigate the impact of the coronavirus crisis on the economy. read more

The Qatari index (.QSI) slipped 0.4%, hit by a 1.2% fall in petrochemical maker Industries Qatar (IQCD.QA).

Saudi Arabia's benchmark index (.TASI) was flat as gains in financial shares were offset by losses at energy firms.

The kingdom's crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world's biggest oil exporter voluntarily capped output to support oil prices.