UAE stocks slip after first cases of new virus variant detected
- Elsewhere, the shopping centres owner Arabian Centres gained 1.8% after it proposed to distribute a cash dividend of 0.5 riyal per share for the first half of the year.
Stock markets in the United Arab Emirates (UAE) fell in early trade on Wednesday after the country reported confirmed cases of the new variant of the coronavirus.
UAE discovered a "limited number" of cases of people infected with the variant, marking the first confirmed cases of the more contagious COVID-19 mutant in the Gulf region.
UAE, unlike Saudi Arabia, has not closed its border amid concerns over the mutant.
The Dubai index fell 0.4%. Emaar Properties led the declines, falling 1.1%. Emirates ENBD Bank shed 0.5%.
DXB Entertainments fell 4.4%, extending its losses to a seventh day since Meraas intended to make a conditional offer to acquire the remaining shares and take it private.
Abu Dhabi's index edged down 0.1%, with First Abu Dhabi Bank losing 0.2% and Abu Dhabi National Insurance declining 4.9%.
In Saudi Arabia, the benchmark index was up 0.1%, supported by 0.4% gain at Al Rajhi Bank and a 1.6% rise in Saudi Cement.
Elsewhere, the shopping centres owner Arabian Centres gained 1.8% after it proposed to distribute a cash dividend of 0.5 riyal per share for the first half of the year.
The Qatari index was trading flat. Telecoms company Ooredoo fell 2% in its third straight day of losses.
On Monday, Ooredoo and Hong Kong conglomerate CK Hutchison Holdings said they were exploring a deal to merge their Indonesian units.
Among the gainers, Qatar Electricity and Water and Qatar Fuel rose 1.3% and 1%, respectively.
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