Mideast Stocks: Corporate earnings lift #UAE; other major markets extend losses | ZAWYA MENA Edition

Mideast Stocks: Corporate earnings lift UAE; other major markets extend losses | ZAWYA MENA Edition:

Stock markets in the United Arab Emirates rose on Tuesday as positive corporate earnings outweighed pessimism about the coronavirus outbreak in China, while other major markets extended losses.

The Abu Dhabi index ended 0.2% hhigher, supported by a 7.2% surge in International Holding Company before its board meeting on Wednesday to approve fiscal-year earnings.

First Abu Dhabi Bank added 0.3% after posting a 5% increase in fourth-quarter profit. The United Arab Emirates' largest bank recorded a net profit of 3.08 billion dirhams ($838.60 million) in the fourth quarter, compared with 2.93 billion year ago. 

Dubai's main share index edged up 0.1%, ending four days of losses as National Central Cooling Co (Tabreed)  jumped 6.3%, its biggest intraday gain since December 2018.

Tabreed's annual profit rose more than 10% to 472.5 million dirhams and proposed a cash dividend of 10.5 fils per share for the year 2019.