Abu Dhabi Commercial Bank stocks plunge on Q3 results

Abu Dhabi Commercial Bank, the UAE's sixth largest lender by market capitalisation, dove 8.3 percent after reporting a significant dip in third quarter profit.

The news weighed on the Abu Dhabi index, which ended 0.7 percent lower at 3,145 points.

Trading in National Bank of Abu Dhabi did not resume after its own Q3 profit announcement.

Aldar Properties results were expected on Tuesday afternoon as its shares inch up 0.2 percent.

Investors also booked profits in Dubai after the index made its largest one-day gain for more than a month on Monday.

Real estate-related stocks weighed. Arabtec slipped 2.5 percent and Deyaar fell 2.4 percent.

The index ended 0.8 percent lower at 2,319 points.

Real estate-related stocks suffered from early selling on Dubai's index after the previous day's rally.

Deyaar slipped 2.4 percent while Arabtec declined 2.2 percent. Union Properties fell 1.9 percent. The index was 1 percent lower at 2,316 points.

Other regional bourses also slippd in early trading with Abu Dhabi's benchmark declining 0.3 percent to 3,160 points while in Kuwait, the index fell 0.2 points to 7,437 points.

On Monday, Dubai's index surged 3.3 percent in its largest one-day advance for more than a month, with blue chips such as Emaar Properties and Emirates NBD jumping more than 4 percent.

Kuwait bucked the regional trend and ended higher as most Gulf benchmarks closed lower, with bank stocks leading gains.

National Bank of Kuwait, the country's largest lender, rose 1.7 percent. The lender announced a 10 percent increase in third quarter net profit last week, beating analyst forecasts.

Kuwait Finance House, the largest Islamic lender in the country, advanced 1.6 percent after its chief executive said provisions were declining on Monday.

Shares in Gulf Finance House rose, ending 1.8 percent higher, after the firm said it sold a 10 percent stake in Qinvest to Qatar Islamic Bank.

The index ended 0.3 percent higher at 7,476 points.

Oman's index ended 0.5 percent lower at 6,490 points, while the Bahrain benchmark slipped 0.3 percent to end at 1,539 points.

Saudi Arabia followed the trend in regional bourses and ended lower on Tuesday.

Oil prices and moves in the international markets weighed on the index as most major stocks saw selling pressure.

The benchmark fell 0.5 percent to 6,533 points.

Shares in Gulf Finance House rose after the firm says it has sold a 10 percent stake in Qinvest to Qatar Islamic Bank.

The company's Bahrain listing rose 2.2 percent, while its Kuwait listing added 3.5 percent. The latter gains are not enough to stop the Kuwait index slipping 0.1 percent to 7,451 points. Bahrain's measure was down by the same margin at 1,541 points.

Qatar Islamic Bank slipped 0.2 percent. The Doha benchmark edged 0.1 percent higher to 7,348 points.

Positive corporate earnings reports helped lift Oman's index in early trading.

Oman Cement Co advanced 1.4 percent after reporting a 57 percent rise in net profit for the first nine months of the year.

"We saw good results from Oman Cement, they beat expectations" said Adel Nadr at United Securities.

"But at the current time, traders are still very cautious of global and regional markets. So far the market is up but we are seeing very low volumes."

The index advanced 0.6 percent to 6,561 points. (Reuters)

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