UAE stock indices fell by varying degrees on Friday, under pressure from real estate and banking stocks. The Dubai market index fell 0.64%, reducing its losses from 1% at the beginning of the session and closed at 4262.48 points, while the Abu Dhabi market index fell 0.364% to 9221.37 points.
“Emaar Development” put pressure on the Dubai market index after it declined by about 5.5% to the level of 8.12 Dirhams, after the company’s board of directors recommended distributing cash dividends of 52% of the capital, and the expectations of a team of investors were that the company would raise its dividends for the year 2023 by percentages ranging between 65 % to 75%. In turn, Emaar Properties shares fell 0.48% to the level of 8.22 Dirhams.
On the other hand, trading on “Union Properties” was active after the Dubai Market announced its transfer from the first trading category, starting today, and it rose 10.24% to 0.398 Dirhams, with trades of 90.5 Million Dirhams on 230 Million shares.
The Board of Directors of Emaar Development Company met on Thursday. The annual report of the Board of Directors on the company’s activities during the year 2023 was approved, and the company’s financial statements for the year ending on December 31, 2023 were approved.
According to a company statement, during the meeting, a proposal to distribute cash dividends to shareholders with a total value of 2.082 Billion Dirhams, representing 52% of the capital at 52 fils per share, was approved, and this proposal was submitted to the annual general assembly meeting for approval.
Tuesday, April 23, 2024, was set as the date for the annual general assembly, and the Securities and Commodities Authority’s approval of the assembly’s agenda was requested.
In the capital market, pressure came from Abu Dhabi Commercial stock, which trades without the right to dividends, as it fell 6.48% to the level of 8.23 Dirhams. The highest increases at the end of the session were: Agthia 15%, ESG 7.01%, Umm Al Quwain Investments 4.55%, Response Plus 4.2%, and Hayah Insurance 4.17%.
The largest decline in Abu Dhabi during the session was: Palms 9.95%, Abu Dhabi Commercial 6.48%, Rapco 4.49%, Yahsat 3.51%, and Americana Restaurants 3.11%.