Mideast Stocks: Abu Dhabi bourse outperforms, led by gains in IHC

Sa Sa International Holdings

27/06/2021 14:45

* Telecom firm Ooredoo fined 3.5 mln riyals for violation
    * HSBC commits $5 bln in corporate lending to help UAE
growth

    By Ateeq Shariff
    June 27 (Reuters) - The Abu Dhabi stock market ended higher
on Sunday, outperforming its Gulf peers led by a surge in
International Holding (IHC)  IHC.AD  shares following the
listing of a subsidiary, while the Qatari index was weighed down
by telecoms firm Ooredoo.
    IHC became Abu Dhabi's most valuable listed company after
the listing of Alpha Dhabi Holding  ALPHADHABI.AD , in which IHC
holds a 45% stake and which operates in the healthcare,
construction and hospitality sectors.  urn:newsml:reuters.com:*:nL2N2O903X
    Shares in Alpha Dhabi Holding opened at 20 dirhams a share,
but eased to 15 dirhams by close, giving it a market value of
150 billion dirhams ($40.8 billion). IHC shares jumped 15%.
    The Abu Dhabi index  .ADI  advanced 1.9%, its biggest
intraday gain in over a month.
    IHC has gone through rapid expansion across its major
business sectors. Last month it posted a net profit of 1.5
billion dirhams for the first quarter, up from 112.2 million
dirhams a year earlier. 
    In Qatar, the index  .QSI  slipped 0.2%, hurt by a 3.8% fall
in Ooredoo  ORDS.QA .
    The Financial Sanctions Committee at the Communications
Regulatory Authority has imposed a 3.5 million riyals ($933,308)
financial sanction on Ooredoo for violating instructions issued
by the authority.  urn:newsml:reuters.com:*:nL3N2O905C
    Dubai's main share index  .DFMGI  gained 0.5%, with
blue-chip developer Emaar Properties  EMAR.DU  rising 1.2%,
while its unit Emaar Malls  EMAA.DU  finished 1.5% higher.
    HSBC  HSBA.L  said on Sunday it is committing $5 billion in
lending to "strong" companies in the United Arab Emirates to
help drive the Gulf country's growth plans.  urn:newsml:reuters.com:*:nL3N2O903P
    The UAE's economy suffered in 2020, as vital sectors like
tourism and hospitality were crippled by the COVID-19 pandemic.
    Saudi Arabia's benchmark index  .TASI  added 0.4%, with
Sahara International Petrochemical Company  2310.SE  leaping
over 5%, extending gains from the previous session after it
proposed a first-half dividend of 0.75 riyal per share. 
    On Thursday, Sipchem also said in a separate filing it
planned to mothball Gulf Advanced Cable Insulation Company, a
move that would positively impact its future results.
 urn:newsml:reuters.com:*:nFWN2O50N0
    Outside the Gulf, Egypt's blue-chip index  .EGX30  added
0.3%, helped by a 0.5% rise in Commercial International Bank
 COMI.CA . 
    
 SAUDI ARABIA   .TASI  rose .4% to 10,967
 ABU DHABI      .ADI  advanced 2% to 6,707
 DUBAI          .DFMGI  added 0.5% to 2,871
 QATAR          .QSI  eased 0.2% to 10,740
 EGYPT          .EGX30  up 0.3% to 10,305
 BAHRAIN        .BAX  gained 0.3% to 1,584
 OMAN           .MSI  fell 0.1% to 4,045
 KUWAIT         .BKP  added 0.2% to 7,029
 
($1 = 3.6728 UAE dirham)

($1 = 3.7501 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; editing by Emelia
Sithole-Matarise)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))