DUBAI: Most stock markets in the Gulf ended higher on Monday, with the Abu Dhabi index hitting an all-time high, while the Saudi index traded flat.
The Abu Dhabi index advanced 1.1%, hitting a record high, led by a 1.7% rise in the country’s largest lender First ABu Dhabi Bank and a 1.3% increase in conglomerate International Holding Co (IHC).
On Thursday, IHC reported a quarterly net profit of 2.87 billion dirhams ($781.42 million), up from 958.9 million dirhams year ago.
IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, became Abu Dhabi’s most valuable listed company in June after the listing of subsidiary Alpha Dhabi.
It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed.
Dubai’s main share index added 0.2%, with Dubai Financial Market surging 9.9%, extending gains for a fifth session, triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.
Saudi Arabia’s benchmark index finished fla as gains in financial shares were offset by declines in petrochemical shares.
Oil prices rose as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude.
But oil giant Saudi Aramco was down 0.3%, extending losses from the previous session when it traded ex-dividend.
Outside the Gulf, Egypt’s blue-chip index dropped 0.5%, hit by a 0.8% decline in top lender Commercial International Bank.
Investors continue to secure their gains after the main index rose significantly for more than a month. The strong oil prices and positive economic expectations could keep the price corrections small, said Wael Makarem, senior market strategist at Exness.
SAUDI ARABIA was flat at 11,847
ABU DHABI gained 1.1% to 8,182
DUBAI rose 0.2% to 3,104
QATAR was flat at 11,971
EGYPT lost 0.5% to 11,498
BAHRAIN down 0.2% to 1,782
OMAN eased 0.1% to 4,050
KUWAIT added 0.1% to 7,800.
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