Mideast Stocks: Abu Dhabi outperforms major Gulf markets

Sa Sa International Holdings

06/04/2021 09:16

April 6 (Reuters) - The Abu Dhabi stock market advanced on
Monday as aquaculture company International Holding continued
its gains, while the Saudi index was bolstered by Advanced
Petrochemical  2330.SE .
    In Abu Dhabi, the index  .ADI  rose 1.3%, on track to extend
gains for an eight consecutive session, boosted by a 13.6% rise
in International Holding  IHC.AD .
    On Sunday, the company said it planned to divest all its
shares in defence supplier Trust International Holding for 350
million dirhams ($95.30 million).
    Saudi Arabia's benchmark index  .TASI  edged up 0.3%, with
Advanced Petrochemical  2330.SE  jumping more than 5%, after it
reported strong quarterly earnings.  urn:newsml:reuters.com:*:nFWN2LZ05O
    Saudi Arabia's Yanbu Cement  3060.SE , however, lost 0.8%
after saying that it was postponing a recommendation to decrease
its capital to support Saudi government plans requiring the
private sector to invest in the local economy.  urn:newsml:reuters.com:*:nL8N2LY221
    The capital decrease would have happened by cancelling 36.5%
of its shares and compensating shareholders.
    Meanwhile, the kingdom's non-oil private sector grew for the
seventh straight month in March, albeit at a slower pace, with
output and new orders expanding more moderately than a month
earlier, a survey showed on Monday.  urn:newsml:reuters.com:*:nZUN001VWI
    In Dubai, the benchmark index  .ADI  eased 0.3%, hit by a
1.1% fall in sharia-compliant lender Dubai Islamic Bank
 DISB.DU .
    The Qatari index  .QSI  was flat in early trading.

($1 = 3.7503 riyals)

($1 = 3.6728 UAE dirham)

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