MIDEAST STOCKS-Bank dents Abu Dhabi as cement makers strengthen Saudi index - 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.
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