DUBAI, April 18 Dubai's stock market rose
sharply in a broad-based rally early on Tuesday but other Gulf
bourses were sluggish, with Saudi Arabian banks mixed after
first-quarter earnings announcements.
The Dubai index gained 1.3 percent to 3,509 points,
rebounding from near technical support on its March low of 3,435
points. All 10 most heavily traded stocks rose with GFH
Financial, the most active, adding 3.6 percent.
Abu Dhabi dropped 0.7 percent, however, because of a
2.3 percent fall by telecommunications firm Etisalat
as it went ex-dividend.
Qatar's index was flat but Commercial Bank of Qatar
lost 1.4 percent after reporting a 66.7 percent drop
in first-quarter net profit to 91.2 million riyals ($25.1
Analysts polled by Reuters had on average forecast CBQ would
make net profit attributable to equity holders, a slightly
different profit measure, of 209.4 million riyals; the bank
cited a sharp rise in provisions for non-performing loans.
Saudi Arabia's index slipped 0.3 percent as Alawwal
Bank fell 1.4 percent after reporting a quarterly
profit of 324.0 million riyals ($86.4 million), down from 511.5
million riyals a year earlier. NCB Capital had projected 376
million riyals and EFG Hermes, 443 million riyals.
But National Commercial Bank, the kingdom's
largest lender, gained 0.5 percent after reporting a 2.7 percent
rise in first-quarter net profit to 2.70 billion riyals; SICO
Bahrain had forecast 2.39 billion riyals.
National Metal Manufacturing and Casting Co surged
3.9 percent after saying it had signed a memorandum of
understanding with Saudi National Automobiles Manufacturing to
make automobile parts. It did not give details, but developing
an auto industry is a goal of the Saudi government's economic
(Reporting by Andrew Torchia Editing by Jeremy Gaunt.)