* Dubai index bounces from near technical support
* Emaar rises as it says it's on track to reopen hotel
* Ex-dividend Etisalat pulls down Abu Dhabi
* Q1 earnings drop hits Commercial Bank of Qatar
* Saudi's Alawwal Bank falls, NCB rises after earnings
By Andrew Torchia
DUBAI, April 18 Dubai's stock market rose in a
broad-based rally on Tuesday while other Gulf bourses were
sluggish, with Saudi Arabian banks trading mixed after
first-quarter earnings announcements.
The Dubai index rose 0.9 percent to 3,496 points,
rebounding from near technical support on its March low of 3,435
points. Nine of the 10 most heavily traded stocks gained with
GFH Financial, the most active, adding 2.7 percent.
Emaar Properties climbed 3.3 percent as an
executive said its Address Downtown hotel in Dubai, which was
damaged in a New Year's Eve fire in 2015, was on track to reopen
in the fourth quarter.
Abu Dhabi dropped 1.1 percent, however, because of a
2.0 percent fall by telecommunications firm Etisalat
as it went ex-dividend. First Abu Dhabi Bank, the
United Arab Emirates' largest lender, fell back 1.8 percent
after rising 2.8 percent on the previous day.
Qatar's index was flat as Commercial Bank of Qatar
lost 3.0 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 1.0 percent. Some
investors have been worried by the fact that many companies are
reporting first-quarter earnings later than usual this year,
prompting speculation that they could be preparing to announce
negative surprises due to the kingdom's economic slowdown.
However, analysts said they believed the delays were due to
Saudi Arabia's shift to IFRS accounting standards, now under
way. To facilitate the shift, the securities regulator said last
year that companies could report interim earnings as long as 30
days after the end of each period, rather than 15 days as
Alawwal Bank fell 3.3 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 0.8 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
1.8 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
Egypt's index rose 0.5 percent as the market
reopened after a two-day public holiday, with Global Telecom
jumping 4.1 percent.
* The index fell 1.0 percent to 6,942 points.
* The index rose 0.9 percent to 3,496 points.
* The index dropped 1.1 percent to 4,494 points.
* The index closed flat at 10,336 points.
* The index fell 0.5 percent to 6,885 points.
* The index rose 0.5 percent to 13,027 points.
* The index fell 0.3 percent to 5,528 points.
* The index dropped 0.6 percent to 1,338 points.
(Editing by Alison Williams)