Gulf markets upbeat on banks' Q1 results
Dubai, April 28, 2013
Gulf investors' focus will remain fixed on corporate first-quarter earnings on Sunday, said experts.
Markets in the UAE remained at multi-year highs as upbeat results from banks buoyed optimism over the country's economy, they stated.
Dubai's top bank Emirates NBD posted a 31-percent jump in profit on Thursday, following on from National Bank of Abu Dhabi's 36-per cent hike in net profit on Tuesday.
"The main catalyst is still results - the banks are issuing strong numbers and are supporting their share prices and the market," remarked Marwan Shurrab, vice-president and chief trader at Gulfmena Investments in Dubai.
Abu Dhabi Commercial Bank posted a 5-percent rise in first-quarter net profit on Thursday, beating the average forecast of analysts.
The bank also said on Sunday it had settled out of court on a $10 million case brought against Morgan Stanley, Moody's Corp, Standard & Poor's and others over a $10 million investment made in Cheyne structured investment vehicle notes.
"The original investment had already been fully provisioned and receipt of the settlement proceeds will have a positive but relatively limited impact on ADCB's balance sheet," the bank said in a bourse statement on Sunday, adding the terms of the settlement were confidential but the bank was happy with them.-Reuters
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