Dubai index up, but volume falls sharply

First-quarter results from large-cap companies weighed on bourses in Abu Dhabi and Qatar on Tuesday, while Dubai edged higher in muted trade.

Abu Dhabi's bourse slipped 0.4 per cent as shares in National Bank of Abu Dhabi (NBAD) fell 1.7 per cent. NBAD reported a flat first-quarter profit on Monday and warned that competition was beginning to be squeeze margins.

Shares in First Gulf Bank, slid 0.9 per cent.

Food and beverage firm Agthia Group gained 2 per cent after posting a 32 per cent rise in first-quarter profit. The firm earned Dh49 million ($13.34 million) in the period, while EFG Hermes had forecast its profit at Dh42.3 million.

Doha's bourse slid 0.6 per cent. Industries Qatar, was the main drag, falling 1.2 per cent to decline for a second day since posting a 38 per cent drop in first-quarter net profit, trailing analysts' forecasts.

Shares in Commercial Bank of Qatar climbed 0.9 per cent after its first-quarter profit rose 8.5 per cent to 548 million riyals ($150.5 million), above analysts' average estimate of 468.5 million riyals.

"We reiterate our 'buy' recommendation and our dividend adjusted target price of 110 riyals," VTB Capital analyst Digvijay Singh said in a note. "The stock trades at a price-to-earnings ratio of 9.3, which is a 25 per cent discount to the sector, based on annualised first-quarter results alone."

DUBAI, SAUDI

In Dubai, the main index added 0.2 per cent despite the trading volume falling by nearly half from Monday.

Emaar Properties retreated 1.4 per cent after making strong gains earlier this month, but local lenders helped offset its decline. Emirates NBD and Dubai Islamic Bank gained 1.0 and 1.1 per cent respectively.

Saudi Arabia's bourse edged down 0.1 per cent with declines in most sectors.

Shares in Methanol Chemicals Company fell 1.1 per cent after the firm said that the total costs of unscheduled shutdowns at its facilities was 22 million riyals ($5.9 million).

Developer Jabal Omar topped turnover for a second day, rising 4.5 per cent. The company has not made any statements this week.

MONDAY'S HIGHLIGHTS

DUBAI: The index rose 0.2 per cent to 5,085 points.

ABU DHABI: The index fell 0.4 per cent to 5,072 points.

QATAR: The index dropped 0.6 per cent to 12,627 points.

SAUDI ARABIA: The index eased 0.1 per cent to 9,563 points.

EGYPT: The index declined 0.2 per cent to 8,150 points.

KUWAIT: The index slid 0.2 per cent to 7,409 points.

BAHRAIN: The index rose 0.03 per cent to 1,426 points.

OMAN: The index slipped 0.1 per cent to 6,742 points.

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