Shares in Abu Dhabi’s Aldar Properties helped lift the emirate’s benchmark to a 39-month high, with investors expecting strong dividend payouts, while profit-taking weighed on most other regional markets.
Aldar jumped 5.0% to a four-week high. The company’s board recommended a cash dividend of 6 fils, which needs shareholder approval. The developer paid a cash dividend of 5 fils in 2012.
Marwan Shurrab, vice-president and chief trader at Gulfmena Investments, said some investors were speculating that shareholders might press at their upcoming meeting for an even higher dividend than 6 fils, ahead of the company’s planned merger with Sorouh Real Estate, which is up 2.9%. In addition, a strong outlook for 2013 corporate earnings in general is helping the stock market, he added.
Heavyweight First Gulf Bank rose 2.4% and telecommunications operator Etisalat gained 1.0%.
Read more: http://www.gulf-times.com/business/191/details/342554/aldar-lifts-abu-dhabi%3B-gulf-markets-mixed
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