Abu Dhabi’s stock market fell on Tuesday for the fifth straight day, dragged down by First Abu Dhabi Bank, the largest bank in the United Arab Emirates, while strong gains by some cement producers boosted Saudi Arabia’s index.
The Abu Dhabi index slipped 1 percent, with First Abu Dhabi Bank shedding 2.4 percent after reporting its first-quarter results. The lender reported a rise in its first-quarter profit, but saw a fall in customer deposits, net interest margins and a rise in expenses.
Saudi Arabia’s main index rose 0.7 percent, with 13 of 14 cement producers gaining after Yamama Cement and City Cement’s first-quarter results.
Yamama jumped 6.1 percent and City Cement adding 1.2 percent. The firms posted strong first-quarter net profit driven by an increase in sales volumes and prices.
Dubai’s index rose 0.2 percent to snap its four day losing streak, partly lifted by a 1.3 percent gain in real estate firm Emaar Properties and its units Emaar Malls and Emaar Development.
The former added 1.1 percent after reporting a 6.6 percent rise in its first-quarter net profit. Emaar Mall’s earnings improved more than 7 percent year-on-year in first-quarter due to lower turnover rent proceeds, which is typical in the first-quarter, Arqaam Capital said in a note.
Qatar’s blue-chip index was down 0.1 percent. Telecom firm Vodafone Qatar lost 0.1 percent. The company signed a deal with China’s Huawei Technologies to expand wireless network infrastructure including 5G rollout.
Source: Reuters
