MIDEAST STOCKS-Abu Dhabi, Dubai pulled down by banks; Saudi cools | Reuters:
"Share price declines among leading banks in the United Arab Emirates after disappointing quarterly earnings reports pulled down stock markets there on Thursday, while Saudi Arabian shares edged down.
Abu Dhabi's index lost 1.3 percent. Abu Dhabi Commercial Bank dropped 5.0 percent after it reported first-quarter net profit of 1.02 billion dirhams ($277.7 million), missing analysts' forecasts. It attributed the 18.2 percent fall to a dip in income from core business and increased bad loan provisions.
"Tight liquidity in the market is escalating competition and pushing deposit costs higher," said a note by UBS Securities."
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