Mideast Stocks: Abu Dhabi outperforms Gulf bourses as IHC surges on unit's listing

Sa Sa International Holdings

27/06/2021 09:30

June 27 (Reuters) - Most major stock markets in the Gulf
rose in early trade on Sunday, with the Abu Dhabi index boosted
by a surge in International Holding (IHC)  IHC.AD  following
listing of its unit.
    Alpha Dhabi Holding  ALPHADHABI.AD , in which IHC holds a
45% stake, opened at 20 dirhams a share before easing to 17.70
dirhams, giving it a market value of 177 billion dirhams ($48.2
billion).  urn:newsml:reuters.com:*:nL2N2O903X
    The Abu Dhabi index  .ADI  advanced 1.9%, its biggest
intraday gain in over a month, buoyed by a 15% surge in
International Holding.
    International Holding 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.
 urn:newsml:reuters.com:*:nFWN2MS1N1
    Dubai's main share index  .DFMGI  added 0.7%, with blue-chip
developer Emaar Properties  EMAR.DU  gaining 1.2%, while
sharia-compliant lender Dubai Islamic Bank  DISB.DU .
    Saudi Arabia's benchmark index  .TASI  rose 0.4%, bolstered
by a 0.5% gain in Al Rajhi Bank  1120.SE  and a 2.4% jump in
Sahara International Petrochemical Company (Sipchem)  2310.SE .
    In the previous session, Sipchem jumped over 5%, when it
proposed a first-half dividend of 0.75 riyal per share. The firm
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
    In Qatar, the index  .QSI  eased 0.1%, hit by a 0.7% fall in
Qatar National Bank  QNBK.QA , the Gulf's largest lender.
    
($1 = 3.6728 UAE dirham)

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