Mideast Stocks: Abu Dhabi hits record high again; other Gulf markets ease

Sa Sa International Holdings

09/08/2021 09:19

Aug 9 (Reuters) - Abu Dhabi stocks rose to a record high in
early trade on Monday, led by gains in conglomerate
International Holding (IHC)  IHC.AD , while other major Gulf
markets were subdued in absence of fresh catalysts.
    In Abu Dhabi, the index  .ADI  gained 0.8%, with
International Holding advancing 2.6% following a surge in its
first-half net profit.
    IHC reported a net profit of 4.36 billion dirhams ($1.2
billion), up from 814 million year ago.  urn:newsml:reuters.com:*:nFWN2PD23S
    The firm's market capitalisation hit 201.7 billion dirhams,
in late June, making it Abu Dhabi's most valuable listed
company, after the market debut of Alpha Dhabi  ALPHADHABI.AD ,
in which IHC holds a 45% stake.  urn:newsml:reuters.com:*:nL2N2O903X
    Among other gainers, Abu Dhabi National Insurance Co.
 ADNIC.AD  jumped about 7%, as the insurer reported a rise in
second-quarter net profit.  urn:newsml:reuters.com:*:nFWN2PF00X
    Dubai's main share index  .TASI  fell 0.3%, with blue-chip
developer Emaar Properties  EMAR.DU  losing 1.2% and logistics
firm Aramex  ARMX.DU  retreating 1.1%.
    Aramex said on Thursday quarterly net profit fell 31% due to
the disruptive impact of the COVID-19 pandemic on global supply
chains.  urn:newsml:reuters.com:*:nL1N2PC090
    The Qatari index  .QSI  eased 0.1%, hit by a 1.3% fall in
Qatar Insurance Co.  QINS.QA , despite posting a net profit for
the period ended June 30.  urn:newsml:reuters.com:*:nFWN2PD20N
    Saudi Arabia's benchmark index  .TASI  traded flat in choppy
trade as gains in financial shares were offset by declines in
petrochemical stocks.
    ($1 = 3.6728 UAE dirham)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by David Holmes)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))