DUBAI: First-quarter results from large-cap companies weighed on bourses in Abu Dhabi and Qatar, while Dubai edged higher in muted trade.

Abu Dhabi’s bourse slipped 0.4 percent as shares in National Bank of Abu Dhabi (NBAD) fell 1.7 percent.

NBAD, UAE’s largest lender by market value, reported a flat first-quarter profit on Monday and warned that competition was beginning to be squeeze margins. Shares in another large lender, First Gulf Bank, slid 0.9 percent.

Food and beverage firm Agthia Group gained 2 percent after posting a 32 percent rise in first-quarter profit.

The firm earned AED49 million ($13.34 million) in the period, while EFG Hermes had forecast its profit at AED42.3 million. Doha’s bourse slid 0.6 percent. Industries Qatar, was the main drag, falling 1.2 percent to decline for a second day since posting a 38 percent drop in first-quarter net profit, trailing analysts’ forecasts.

Shares in Commercial Bank of Qatar climbed 0.9 percent after its first-quarter profit rose 8.5 percent to 548 million riyals ($150.5 million), above analysts’ average estimate of 468.5 million riyals. (Full Story)

“We reiterate our ‘buy’ recommendation and our dividend adjusted target price of 110 riyals,” VTB Capital analyst Digvijay Singh said in a note.

“The stock trades at a price-to-earnings ratio of 9.3, which is a 25 percent discount to the sector, based on annualized first-quarter results alone.”

In Dubai, the main index added 0.2 percent despite the trading volume falling by nearly half from Monday.

Developer Emaar Properties retreated 1.4 percent after making strong gains earlier this month, but local lenders helped offset its decline. Emirates and Dubai Islamic Bank gained 1.0 and 1.1 percent respectively.