Dubai: The Abu Dhabi index ended close to 1 per cent higher, the highest level in nearly a month, led by First Gulf Bank. The Dubai index, however, ended lower.

The Abu Dhabi Securities Exchange General Index ended 0.96 per cent higher, after hitting a high of 4,592.35, a level last seen in late December.

“Market should move sideways and in a narrow range. I’m not expecting the markets to move in one direction,” said Sebastien Henin, head of asset management at The National Investor.

“We may see a one-sided movement, if we have a strong movement on crude oil, or on international markets or big disappointment or positive surprises on corporate earnings,” said Henin.

First Gulf Bank ended 3.90 per cent higher at Dh17.30, while Sudan Telecommunication Co. ended 5.41 per cent higher at Dh0.78. Gulf Pharmaceutical Industries ended 3.45 per cent higher at Dh3. Aldar Properties, which was the most active stock in trade in terms of value, ended 3.77 per cent lower at Dh2.55.

Too early

“We have seen some disappointment like results of Emaar Malls Group. It’s too early comment a trend on results, we should take a call in the coming weeks,” said Henin.

Emaar Malls Group reported a 23 per cent rise in net profits in the three months to December, while Emirates NBD registered 58 per cent jump in net profit.

A slew of companies like National Bank of Abu Dhabi among others will announce their results in coming days and weeks.

The Dubai Financial Market General Index ended 0.53 per cent lower at 3,862.25, after trading in a narrow range of 3,828.93-3,911.84. Volumes were a bit subdued, and about Dh500 million worth of shares got traded on the exchange.

“The markets is trendless. there is no single factor governing the market now,” said Henin.

Dubai Islamic Bank (DIB), the UAE’s largest Sharia-compliant lender, posted a 64.1 per cent increase in fourth-quarter net profit to be at Dh850 million.

“Dividend was a very good surprise and investors were happy due to this,” said Henin. The bank’s board proposed a 0.40 dirhams cash dividend for 2014, up from 0.25 last year.

Qatar rises

The Qatar Exchange Index ended 1.27 per cent higher at 11,847.48. Rest of the bourses in Saudi Arabia, Oman, Kuwait and Bahrain were closed to mourn the death of Saudi King Abdullah, while Egypt’s exchange was shut for a national holiday.

Saudi Arabia’s king died on Jan. 23 and his successor King Salman Bin Abdul Aziz Al Saud has pledged to maintain the former monarch’s policies in the Arab world’s biggest economy.