MIDEAST STOCKS-Poor earnings weigh on UAE indexes; Saudi trades flat - Reuters:
Stock markets in the United Arab Emirates fell on Monday, hurt by a host of disappointing corporate earnings, while Saudi traded flat as energy and real estate shares moved sideways.
The Abu Dhabi index declined 0.8% as First Abu Dhabi Bank, the country’s largest lender, retreated 1.1% ahead of its board meeting to approve financials. Abu Dhabi Commercial Bank fell 1.5% on weak fourth-quarter earnings and a lower annual dividend.
The bank recorded a net profit of 1.05 billion dirhams for the three months to Dec. 31, down from 1.24 billion a year earlier.
Abu Dhabi Commercial Bank recommended a full-year cash dividend of 0.38 dirham per share compared with 0.46 dirham a year ago.
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