MIDEAST STOCKS-Banks boost Abu Dhabi, other Gulf markets lose steam | Reuters:
"Two major banks boosted Abu Dhabi's stock market early on Monday after strong quarterly earnings, but other Gulf bourses lost steam after oil prices pulled back following last week's rally.
Abu Dhabi's index climbed 1.7 percent in the first hour of trade as First Gulf Bank jumped 6.2 percent. Late on Sunday it reported an 11 percent profit rise to 1.72 billion dirhams ($468.4 million), well above analysts' average forecast of 1.46 billion dirhams. The stock had soared 12.4 percent on Sunday in anticipation of the earnings.
Abu Dhabi Commercial Bank surged 5.5 percent after posting a profit of 1.19 billion dirhams, at the top end of forecasts of 986 million and 1.12 billion dirhams."
'via Blog this'
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