* First Abu Dhabi Bank skids on quarterly results * Most of 14 listed Saudi cement companies rise * Gulf International Services gains on results * El Sewedy Electric lifted by subsidiary's contract By Karina Dsouza and Abinaya Vijayaraghavan April 30 (Reuters) - The Abu Dhabi stock market fell sharply on Tuesday, dragged down by First Abu Dhabi Bank(FAB), while the Saudi index was lifted by its cement producers. Abu Dhabi's index dropped 1.4 percent as First Abu Dhabi, the UAE's largest bank, shed 2.4 percent after reporting first-quarter results. The lender posted a rise in first-quarter profit but customer deposits and net interest margins fell while expenses rose. "Overall numbers were in line, though it would have been good to see a beat, as the stock trades at rich valuations," said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital said. Bhandari said a 7 percent decline in net interest income was not expected. "In general, we see this as an excuse for investors to cut market exposure before Ramadan," Bhandari added. Saudi Arabia's index rose 0.3 percent, with Gulf General Cooperative Insurance jumping 7.1 percent to end as the top gainer after the company's board proposed a capital increase of 300 million riyals ($80 million) through a rights issue. There were gains for 12 of 14 cement producers after Yamama Cement posted strong first-quarter results, driven by an increase in sales volumes and prices. Yamama Cement was up by 5.6 percent. "We have had a positive view on the cement sector based on expectations of a rise in cement demand as construction picks up, especially in mega projects," Riyad Capital's Muhammad Faisal Potrik said, adding that he expects cement demand to rise in the second half. Dubai's index added 0.3 percent to snap a five-day losing streak, partly lifted by a 2.1 percent gain in real estate company Emaar Properties and its Emaar Development business, which gained 0.5 percent. Qatar's blue-chip index edged up by 0.2 percent, helped by Gulf International Services and Industries Qatar. Drilling rig provider Gulf International increased 2.7 percent after posting higher first-quarter net profit, while Industries Qatar firmed by 1.4 percent. The Egyptian index rose 1 percent, partly supported by largest lender Commercial International Bank (COMI) gaining 3.1 percent to touch its highest in nearly a year. El Sewedy Electric increased 1.2 percent after a subsidiary signed a 445 million Egyptian pound ($25.9 million) contract to build a substation and transmission line. SAUDI ARABIA The index rose 0.3 pct at 9,304 points ABU DHABI The index fell 1.4 pct at 5,258 points DUBAI The index rose 0.3 pct at 2,767 points QATAR The index added 0.2 pct to 10,377 points EGYPT The index rose 1 pct to 14,920 points BAHRAIN The index fell 0.2 pct to 1,434 points OMAN The index rose 0.3 pct to 3,946 points KUWAIT The index added 0.1 pct at 6,047 points ($1 = 3.7501 riyals) ($1 = 17.1700 Egyptian pounds) (Reporting by Karina Dsouza and Abinaya Vijayaraghavan in Bengaluru Editing by David Goodman)
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