MIDEAST STOCKS-Most Gulf markets weak; Dubai gains in muted trade | Reuters

MIDEAST STOCKS-Most Gulf markets weak; Dubai gains in muted trade | Reuters:



"First-quarter results from large-cap companies weighed on bourses in Abu Dhabi and Qatar on Tuesday, while Dubai edged higher in muted trade.



Abu Dhabi's bourse slipped 0.4 percent as shares in National Bank of Abu Dhabi (NBAD) fell 1.7 percent. NBAD, UAE's largest lender by market value, reported a flat first-quarter profit on Monday and warned that competition was beginning to be squeeze margins.



Shares in another large lender, First Gulf Bank, slid 0.9 percent.



Food and beverage firm Agthia Group gained 2 percent after posting a 32 percent rise in first-quarter profit. The firm earned 49 million dirhams ($13.34 million) in the period, while EFG Hermes had forecast its profit at 42.3 million dirhams.

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