MIDEAST STOCKS Abu Dhabi outperforms Gulf bourses as IHC surges on unit’s listing


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) following listing of its unit.

Alpha Dhabi Holding, 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).

The Abu Dhabi index 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.

Dubai’s main share index added 0.7%, with blue-chip developer Emaar Properties gaining 1.2%, while sharia-compliant lender Dubai Islamic Bank.

Saudi Arabia’s benchmark index rose 0.4%, bolstered by a 0.5% gain in Al Rajhi Bank and a 2.4% jump in Sahara International Petrochemical Company (Sipchem).

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.

In Qatar, the index eased 0.1%, hit by a 0.7% fall in Qatar National Bank, the Gulf’s largest lender.


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