MIDEAST STOCKS-Gulf moves narrowly, Abu Dhabi Commercial Bank up on earnings | Reuters

MIDEAST STOCKS-Gulf moves narrowly, Abu Dhabi Commercial Bank up on earnings | Reuters:

"Gulf stock markets moved narrowly in early, quiet trade on Monday although Abu Dhabi Commercial Bank (ADCB) rose after better-than-expected earnings for the first quarter.

The Abu Dhabi stock index edged up 0.01 percent as ADCB added 1.5 percent; it posted an 8 percent rise in first-quarter profit to 1.11 billion dirhams ($302.2 million), while analysts polled by Reuters had on average forecast 995.4 million dirhams.

Dubai's index fell 0.3 percent as courier Aramex lost 1.1 percent after reporting a 5 percent fall in quarterly profit due to a rise in provisions related to its incentive scheme. Profit was 91.8 million dirhams; EFG Hermes and SICO Bahrain had forecast 109.1 million dirhams and 105.6 million dirhams."



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