DUBAI, April 13 Stock markets in the Gulf erased
some of the previous session's gains in early trade on Monday as
some of the optimism generated by generally positive first
quarter results faded.
Saudi Arabia's index was down 0.1 percent, after
rising 0.9 percent on Wednesday on the back of banking shares
after Saudi British Bank reported an earnings beat.
The positive mood failed to keep markets afloat even after
another lender, Banque Saudi Fransi, reported
first-quarter results ahead of estimates after Wednesday's
Fransi's shares fell 1.9 percent and its peers were also
trading lower. National Commercial Bank fell 1.3
Dubai's index was down 0.2 percent with a little
under half of the traded shares declining.
Shares of second- and third-tier companies, often traded by
local day traders, were some of the top losers. Loss-making
builder Arabtec was down 1.3 percent and investment
bank Shuaa Capital fell 1.2 percent.
Dubai Islamic Bank bucked the trend and was up 0.7
percent. Shares of the largest Islamic bank in Dubai have been
positive since it reported modest growth in first quarter net
profit earlier this week.
In Abu Dhabi, real estate shares were the main drag on the
index, which was down 0.4 percent. Heavyweight Aldar
Properties fell 0.9 percent and RAK Properties
lost 1.6 percent.
(Reporting by Celine Aswad; editing by John Stonestreet)