National Bank of Abu Dhabi rose to its highest point in three months as traders bought positions ahead of first quarter results.
National Bank of Abu Dhabi climbs to three-month high
National Bank of Abu Dhabi (NBAD) climbed to its highest value in three months as investors expect minimal exposure to provisions for first-quarter financial results.
The country's second-largest lender by assets rose just over 2 per cent to Dh10.1, its best performance since January 27.
"[NBAD] has been steady in terms of profitability for the last few quarters," said Murad Ansari, the vice president of EFG-Hermes in Riyadh.
Construction companies and developers weighed on the local market as Aldar Properties fell 2 per cent to Dh1.47 in Abu Dhabi and Arabtec fell 2.4 per cent to Dh1.66 in Dubai. Emaar Properties was an early gainer in Dubai as traders took advantage of a dividend payout.
The bellwether property developer rose 0.3 per cent at the open but ended almost 1 per cent down to Dh3.17. Emaar shareholders last month approved the distribution of a 10 per cent cash dividend for last year - the company's first payout in three years.
The Dubai Financial Market General Index lost 0.7 per cent to 1,537.68 and the Abu Dhabi Securities Exchange General Index slipped 0.4 per cent to 2,590.14.
But fund managers and analysts remained on the sidelines ahead of first-quarter results. Saudi Arabia is expected to be first out of the blocks in releasing the latest figures. Irfan Ellam, an analyst at Al Mal Securities in Dubai, said traders were focused particularly on the petrochemicals and banking stocks in Saudi Arabia. The Tadawul All-Share Index ended 0.87 per cent lower at 6,548.42.
Elsewhere in the region: Kuwaiti stocks ended flat at 6,303.60; Doha's market edged 0.4 per cent higher at 8,496.25; Bahraini shares rose 0.3 per cent at 1,418.26; Muscat's market rose 0.3 per cent at 6,290.36; and Egypt's market fell 0.4 per cent at 5,470.28.