Ex-dividend First Abu Dhabi Bank’s stock falls 7%

Abu Dhabi-listed First Abu Dhabi Bank’s (FAB) stock dropped more than 7 percent in early trade on Tuesday as the heavyweight lender went ex-dividend.

FAB was down 7.3 percent at AED 10.75 within the first hour, pulling down the Abu Dhabi Securities Exchange (ADX) general index 2 percent to 4,516 points.

The bank had earlier approved distribution of 70 percent cash dividends (AED 0.70 per share) for the financial year ended December 31, 2017. Owners of FAB shares registered on March 7 (buyers on March 5) are entitled to cash dividends.

Meanwhile, telecom firm Etisalat offered support as it rose nearly 3 percent to AED 17.8.

In Dubai, the main index was last trading up 0.1 percent at 3,210 points. Blue chip Emaar was down 0.5 percent at AED 6.21.

Write to Nadeshda Zareen at Nadeshda.zareen@argaamplus.com