UAE stock markets close higher as earnings reports come in

The UAE’s two main indexes edged upwards amid a mixed bag of company results and announcements.

In Abu Dhabi, the Abu Dhabi Securities Market General Index ended the day up 0.79 per cent at 4,558.09.

First Abu Dhabi Bank, the result of the recent merger between National Bank of Abu Dhabi and First Gulf Bank, was the biggest market mover of the day, with shares rising 0.9 per cent during trading to close at Dh11.15.

The bank, which has adopted the acronym FAB in its logo, told Al Khaleej newspaper that it was "seriously studying" entering the Saudi market.

Abu Dhabi Commercial Bank shares rose 1.45 per cent at Dh7.02 after the company reported first-quarter net income that beat analysts’ estimates at Dh1.11 billion.

In Dubai, the Dubai Financial Market rose 0.75 per cent to 3,440.58.

It was buoyed by Emaar Properties, which rose 0.96 per cent in trading to close at Dh7.35. Dubai Islamic Bank rose 0.86 per cent to close at Dh5.85. Union Properties shares closed up 3.92 per cent at Dh1.06 amid a tussle over the membership of its board.

Aramex shares closed down 1.51 per cent at Dh5.21 after reporting a 5 per cent fall in quarterly profit because of a rise in provisions related to its incentive scheme. Profit was Dh91.8 million, significantly lower than forecast by analysts.

Meanwhile in Qatar, the Qatar Exchange Index ended the day up 0.46 per cent at 10,110.45.

The real estate company Ezdan Holding Group was the biggest market mover, climbing 6.03 per cent during trading to close at 15.99 Qatari riyals after reporting a 62 per cent jump in first-quarter net profit.

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