Mideast stocks were sluggish on Monday, with a dividend cut pulling down major Abu Dhabi-listed financial firm Waha Capital, but Egypt’s bourse rose on the back of a gain by its biggest bank.
Equities in the Gulf markets rallied along with oil late last year and Saudi Arabia saw its largest-ever inflow of equity funds last month.
But Brent oil’s retreat from above $70 a barrel since late January has visibly reduced liquidity in many bourses, reports Reuters.
The Abu Dhabi index edged down 0.1 per cent as Waha pulled back 4.1 per cent. It proposed a 2017 cash dividend of 15 per cent, down from 20 per cent for 2016.
Dubai edged up 0.2 per cent as DAMAC Properties gained 1.8 per cent. But courier Aramex, which had surged in the last few days on strong fourth-quarter earnings, pulled back 1.3 per cent.
Saudi Arabia’s index added 0.3 per cent as telecommunications firm Mobily, dragged down in the last several days by weak fourth-quarter earnings, rebounded 4.9 per cent.
Qatar’s index rose 0.3 per cent as Mesaieed Petrochemical, the most heavily traded stock, jumped 5.0 per cent.
In Egypt, the index climbed 0.8 per cent as Commercial International Bank added 1.1 per cent.