Bank stocks lead gains in Abu Dhabi bourse

UAE shares were mixed on Monday, with bank stocks leading gains in Abu Dhabi, and Dubai retreating on profit-taking.

The Abu Dhabi Securities Exchange General Index led gains as the region's top performer, rising 1.2 per cent at 4,106.37, its eighth consecutive day in the green.

“It’s been a good run especially with banks, with some nice surprises on the dividend front,” said Sebastien Henin, head of asset management at Abu Dhabi-based investment firm The National Investor.

ADCB rose 4.8 per cent to Dh6.29, on recommendations of a 45 per cent dividend on profit of Dh4.9 billion for 2015.

Shares in FGB, which on Sunday recommended a 100 per cent cash dividend on a net income of Dh6.01bn last year, rose 3 per cent to Dh11.70.

Dubai's headline index fell by nearly 2 per cent as investors booked gains from Sunday's rally, but recovered to finish 0.5 per cent lower at 2,980.04.

Dubai Investments lost 2.8 per cent to Dh1.72, while Arabtec Holding fell 1.6 per cent to Dh1.18.

Emaar Properties was among the main gainers, rising 1.3 per cent to Dh5.18, while Damac Properties closed up 1.2 per cent at Dh2.35.

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