* Dubai Islamic Bank up on higher Q1 net profit
* Abu Dhabi's recently merged lender down on profit taking
* TAQA looses steam
* Saudi fisheries down on Q1 net loss, lower sales
* Other agric firms up on optimism of loan support
* Egypt rebounds
By Celine Aswad
DUBAI, April 11 Shares of Dubai Islamic Bank
outperformed most peers in the region on Tuesday after reporting
a low double digit growth in first quarter net profit while
market liquidity on those bourses was generally thin.
Long-term institutional investors stayed away in light of
heightened geopolitical risk, traders said.
Dubai Islamic Bank shares rose 0.9 percent after
the lender reported a first quarter net profit attributable to
shareholders of 1 billion dirhams ($272.3 million), 14 percent
higher than the prior year period.
The bank is the first in the region to report earnings.
The bourse on which it trades, however, closed flat
with 18 shares declining and eight shares, excluding DIB,
Abu Dhabi's index edged down 0.2 percent as shares of
the recently merged lender First Gulf Bank, which were
one of the best performers last week, fell 0.5 percent.
Shares of Abu Dhabi National Energy fell 3.3
percent on profit taking. But trading volume on those shares
dropped significantly from the very high levels seen over the
TAQA rose 1.7 percent on Monday and shares of the energy
company have been volatile since last week, when the government
announced it had raised its stake in the company.
In Saudi Arabia, banking shares weighed on the stock index
, which fell 0.4 percent. Alawwal Bank fell 0.9
Shares of Saudi Fisheries dropped 1.4 percent
after reporting a first quarter net loss of 9.2 million riyals
($2.45 million), slightly narrower than the net loss of 9.6
million riyals in the prior year period but sales declined 43.7
Separately, the fish farmer said it had secured a 42.8
million riyal loan from the Saudi Industrial Development Fund to
complete the construction of fish feed facility.
Other agriculture companies, however, were some of the top
performers on investor hopes that those producers may also get
financial support from the state owned development fund.
National Agriculture Development was the best
performing shares on the index, jumping 8.1 percent in unusually
Qatar's index lost 0.7 percent as a little under
three-quarters of the traded shares declined. Telecommunications
operator Ooredoo was the worst performer, dropping 2.4
Egypt's index rebounded 1.2 percent just over half
of the traded shares edged higher. Arabian Cement was
the top performer, jumping 4.0 percent.
The index fell 1.9 percent on the previous two days after
two church bomb attacks killed at least 44 people in Egypt on
* The index edged down 0.4 percent to 7,036 points.
* The index inched down 0.04 percent to 3,535
* The index declined 0.2 percent to 4,563 points.
* The index lost 0.7 percent to 10,412 points.
* The index added 0.3 percent to 7,030 points.
* The index rebounded 1.2 percent to 12,996 points.
* The index fell 0.5 percent to 5,550 points.
* The index flat at 1,363 points.
(Editing by Tom Heneghan)