Mideast Stocks: Abu Dhabi index hits record high again in early trade

Sa Sa International Holdings

04/07/2021 09:22

July 4 (Reuters) - Abu Dhabi stocks again hit record highs
in early trade on Sunday, as International Holding (IHC)
continued to rise after the listing of its subsidiary.
    Last Week, IHC's market capitalisation hit 201.7 billion
dirhams ($54.92 billion), 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
    In Abu Dhabi, the index  .ADI  rose 0.5%, on course to
extend gains for a fifth session, buoyed by a 1.6% gain in
International Holding  IHC.AD .
    Saudi Arabia's benchmark index  .TASI  gained 0.5%, with Al
Rajhi Bank  1120.SE  rising 1.6%, while Banque Saudi Fransi
 1050.SE  advanced 2.2%.
    The kingdom plans to target international transit passenger
traffic with its new national airline, going head-to-head with
Gulf giants Emirates and Qatar Airways and opening up a new
front in simmering regional competition.  urn:newsml:reuters.com:*:nL2N2OE0T8
    The Qatari index  .QSI  added 0.2%, supported by a 1.2%
increase in petrochemical firm Industries Qatar  IQCD.QA .
    Qatar Petroleum, which owns a majority stake in Industries
Qatar, sold $12.5 billion in a jumbo four-tranche bond deal on
Wednesday, a document showed, its first public bond sale and the
biggest issuance out of emerging markets this year.  urn:newsml:reuters.com:*:nL2N2OC15Z
    Dubai's main share index  .DFMGI , however, fell 0.4%, hit
by a 0.8% fall in Emirates NBD Bank  ENBD.DU  and a 0.5%
decrease in blue-chip developer Emaar Properties  EMAR.DU .
($1 = 3.6726 UAE dirham)

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