MIDEAST STOCKS-Ex-dividend stocks weigh on UAE markets

By Shamsuddin Mohd

- Stock markets in Dubai and Abu Dhabi retreated on Friday, primarily weighed down by firms trading ex-dividend.

Oil and the dollar were also struggling, as Trump's 25% tariffs on auto imports due to kick in next week alongside plans for much broader global levies continued to draw fierce criticism from countries and companies.

In Dubai, the main share index .DFMGI slipped 0.5%, led by a 2.4% drop in Emirates Central Cooling Systems Corp EMPOWER.DU and a 1.6% decline in government-owned utility firm Dubai Electricity and Water Authority DEWAA.DU, both of which traded ex-dividend.

Dubai's largest lender Emirates NBD Bank ENBD.DU fell 0.5%, while Emaar Properties EMAAR.DU edged down 1.5%.

Abu Dhabi's General Index .FTFADGI dipped 0.2%, weighed down by a 0.3% decline in the country's largest lender, First Abu Dhabi Bank FAB.AD.

Aldar Properties ALDAR.AD and ADNOC Gas ADNOCGAS.AD fell 2.9% and 2.1% respectively, as both the stock traded ex-dividend.

Separately, Abu Dhabi's GDP grew 3.8% in 2024 to AED 1.2 trillion ($326.73 billion), the Abu Dhabi Statistics Centre reported.

Most Gulf markets will remain closed from Sunday through Tuesday for the Eid holiday.


ABU DHABI

.FTFADGI fell 0.2% to 9,369 points

DUBAI

.DFMGI down 0.5% to 5,096 points


($1 = 3.6728 UAE dirham)


(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Maju Samuel)

((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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