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UAE stocks advance despite some going ex-dividend

Dubai: UAE stocks closed higher on Tuesday even as some stocks witnessed significant declines and went ex-dividend.

Abu Dhabi National Energy Company (Taqa), plunged to the daily limit of 10 per cent to close at Dh1.26 after the Abu Dhabi exchange listed company reported a net loss of Dh2.52 billion for 2013 due to impairment provisions of its oil and gas holdings in North America. Because of the loss last year, the company board recommended no dividend for 2013.

In Dubai, Air Arabia lost 4.64 per cent to end at Dh1.44 after the stock turned ex-dividend on Tuesday. The low-cost airline had recommended a 7.25 per cent cash dividend for 2013.

Meanwhile, Dubai’s benchmark stock gauge, DFM General Index, rose 0.63 per cent to 4,345.49. Of the 31 stocks traded, 22 increased, seven declined and two remained flat.

The top five active stocks in terms of value traded saw gains. Union Properties, Gulf Finance House, Dubai Investments, Arabtec, Emaar Properties and Deyaar Development were up 1.44 per cent; 6.37 per cent; 2.8 per cent; 1.07 per cent, 0.21 per cent and 1.52 per cent respectively.

In the capital, the ADX Securities Index climbed 0.19 per cent to 4,812.05. Investment and financial services and real estate stocks indexes were major gainers, advancing 1.45 per cent and 1.08 per cent respectively, even as energy stocks index dropped 3.54 per cent led by Taqa, mentioned earlier.

Of the 36 trading stocks, gainers and losers, at 14, were equally split and eight remained unchanged. Aldar Properties gained 1.2 per cent to Dh3.38 and Waha Capital rose 1.45 per cent to Dh2.80. Shares prices of Rak Properties and Dana Gas did not change.