Mideast Stocks: Most major stock markets in red, tracking oil prices

Sa Sa International Holdings

17/08/2021 09:50

Aug 17 (Reuters) - Most major stock markets in the Gulf fell
in early trade on Tuesday on lower oil prices, while the Abu
Dhabi index rose, lifted by extended gains in conglomerate
International Holding (IHC).
    Brent crude  LCOc1  was down 51 cents, or 0.7%, at $69.00
per barrel as of 0703 GMT, on concerns over slowing demand amid
a spike in the Delta variant of coronavirus infections.  O/R 
    Saudi Arabia's benchmark index  .TASI  declined 0.3%, with
Al Rajhi Bank  1120.SE  losing 0.7% and Saudi National Bank
 1180.SE , the kingdom's largest lender, falling 0.7%.
    Meanwhile, oil behemoth Saudi Aramco is looking to raise at
least $17 billion from the sale of a significant minority stake
in its gas pipelines, higher than the $12.4 billion raised from
its oil pipeline deal, Reuters reported on Monday, citing
sources familiar with the matter.  urn:newsml:reuters.com:*:nL1N2PN19U
    However, Aramco  2222.SE  traded flat.
    Dubai's main share index  .DFMGI  lost 0.3%, with Emirates
NBD Bank  ENBD.DU  dropping 0.7% and Emirates Integrated
Telecommunications  DU.DU  retreating 1.2%.
    On the other hand, DAMAC Properties  DAMAC.DU  gained 0.8%.
On Sunday, the developer reported narrowing second-quarter net
losses.
    The Qatari benchmark  .QSI  eased 0.1%, hit by a 0.6% fall
in Commercial Bank  COMB.QA .
    However, dairy and juice maker Baladna  BLDN.QA  leapt about
3%, after it signed a memorandum of collaboration to produce
fresh dairy products in Malaysia.  urn:newsml:reuters.com:*:nL4N2PN3P1
    In Abu Dhabi, the index  .ADI  gained 0.4%, with
International Holding  IHC.AD  rising 1.2%, on course to extend
gains for a seventh session.
    Last week, IHC reported a net profit of 4.36 billion dirhams
($1.19 billion) for the period ended June 30, up from 814
million dirhams a year ago.  urn:newsml:reuters.com:*:nFWN2PD23S
    The company's market capitalisation hit 201.7 billion
dirhams in late June, making it Abu Dhabi's most valuable listed
firm, after the market debut of Alpha Dhabi  ALPHADHABI.AD , in
which IHC holds a 45% stake.     
    

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