Dubai’s main index fell 1.1 percent to 3,581 points by midday Thursday as Dubai Islamic Bank and GFH Financial went ex-dividend.
Market heavyweight Dubai Islamic Bank (DIB) plunged 8.6 percent to AED 5.63, while GFH Financial lost 2.6 percent to reach AED 2.58. Both stocks went ex-dividend today.
Contractor Arabtec Holding, which released today a detailed report on its three-phase plan to recover from losses, slipped 0.8 percent to AED 0.896. Arabtec said key terms of the recapitalization program will be finalized towards the end of March 2017 “in conjunction with releasing its FY 2016 audited accounts.”
The firm had reported a wider net loss of AED 3.5 billion for 2016, and announced capital restructuring plans that included AED 1.5 billion rights issue.
Meanwhile, in Abu Dhabi, the general index was up 0.8 percent in mid-day trading hours, boosted by gains in banking, telecom and real estate stocks.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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