MIDEAST STOCKS Abu Dhabi outperforms Gulf stock exchanges as IHC skyrockets in unit listing
June 27 (Reuters) – Most of the major Gulf stock markets rose in early trading on Sunday, with the Abu Dhabi index boosted by a rise by International Holding (IHC) (IHC.AD) after the listing of his unit.
Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds 45% of the capital, opened at 20 dirhams per share before falling to 17.70 dirhams, which gives it a market value of 177 billion dirhams (48.2 billion of dollars). Read more
The Abu Dhabi Index (.ADI) rose 1.9%, its biggest intraday gain in more than a month, supported by a 15% increase from International Holding.
International Holding has experienced rapid expansion in its main lines of business.
Last month, it posted a net profit of 1.5 billion dirhams for the first quarter, against 112.2 million dirhams a year earlier.
Dubai’s main stock index (.DFMGI) rose 0.7%, with leading developer Emaar Properties (EMAR.DU) gaining 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB. OF).
Saudi Arabia’s benchmark index (.TASI) rose 0.4%, supported 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 more than 5%, offering a first half dividend of 0.75 riyal per share. The company said in a separate filing that it plans to put Gulf Advanced Cable Insulation Company on hold, a move that would positively impact its future results.
In Qatar, the index (.QSI) fell 0.1%, penalized by a 0.7% drop from Qatar National Bank (QNBK.QA), the Gulf’s largest lender.
($ 1 = 3.6728 UAE dirhams)
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