UAE stock-markets declined at the open on Monday, but fund managers say current valuations are attractive with the potential for big yields amid dividend payments.
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EmiratesNBD, the country's biggest lender by assets, lost 2.1 per cent to Dh2.76. Aramex, the region's largest courier company, declined 2.7 per cent to Dh1.78. The Dubai Financial Market General Index lost 0.3 per cent to 1330.88 points.
"For local markets, there is an attractive payout, as last year corporate earnings rose 25 per cent on average," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai. "Prices of stocks, however, have lost more than 10 per cent."
Companies should begin to announce dividends and release fourth quarter results in the coming two weeks.
Aldar Properties, Abu Dhabi's biggest developer, slumped 4.4 per cent to 86 fils. Sorouh Real Estate, the capital's second biggest, lost 2.5 per cent. The Abu Dhabi Securities Exchange General Index declined 0.4 per cent to 2376.17 points.
Elsewhere in the region, Kuwait's measure lost 0.3 per cent to 5701.90 points. Bahrain's index was little changed at 1136.75 points. Oman's benchmark was unchanged at 5740.14 points. Qatar's QE Index was down 0.04 per cent to 8825.99 points. The Saudi Tadawul All-Share Index was down 0.2 per cent to 6467.61 points.
halsayegh@thenational.ae
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