Mubasher: The stock of Emaar Properties fell by 2.6%, following the announcement of distributing dividends for fiscal year 2016 that are lower than last year’s payout.
By 10:15am UAE time, Emaar’s stock declined to AED 7.45, after about 790,450 shares were traded through AED 5.89 million.
The board members held a meeting on Monday, recommending a 15% cash dividend for the fiscal year.
At a technical level, the stock may further decline to AED 7.2 after it went below AED 7.5, technical analyst Muhammad Kamal said, noting that the index may fall to AED 6.9 as a second target.
