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DUBAI / Reuters
Dubai’s stock market rose in a broad-based rally on Tuesday while other Gulf bourses were sluggish, with Saudi Arabian banks trading mixed after first-quarter earnings announcements. The Dubai index rose 0.9 percent to 3,496 points, rebounding from near technical support on its March low of 3,435 points. Nine of the 10 most heavily traded stocks gained with GFH Financial, the most active, adding 2.7 percent. Emaar Properties climbed 3.3 percent as an executive said its Address Downtown hotel in Dubai, which was damaged in a New Year’s Eve fire in 2015, was on track to reopen in the fourth quarter.
Abu Dhabi dropped 1.1 percent, however, because of a 2.0 percent fall by telecommunications firm Etisalat as it went ex-dividend. First Abu Dhabi Bank, the United Arab Emirates’ largest lender, fell back 1.8 percent after rising 2.8 percent on the previous day.
Qatar’s index was flat as Commercial Bank of Qatar lost 3.0 percent after reporting a 66.7 percent drop in first-quarter net profit to 91.2 million riyals ($25.1 million). Analysts polled by Reuters had on average forecast CBQ would make net profit attributable to equity holders, a slightly different profit measure, of 209.4 million riyals; the bank cited a sharp rise in provisions for non-performing loans. Saudi Arabia’s index slipped 1.0 percent. Some investors have been worried by the fact that many companies are reporting first-quarter earnings later than usual this year, prompting speculation that they could be preparing to announce negative surprises due to the kingdom’s economic slowdown.