Mideast Stocks: Abu Dhabi hits record high again; other Gulf markets ease

In Abu Dhabi, the index gained 0.8%

  

Abu Dhabi stocks rose to a record high in early trade on Monday, led by gains in conglomerate International Holding (IHC), while other major Gulf markets were subdued in absence of fresh catalysts.

In Abu Dhabi, the index gained 0.8%, with International Holding advancing 2.6% following a surge in its first-half net profit.

IHC reported a net profit of 4.36 billion dirhams ($1.2 billion), up from 814 million year ago. 

The firm's market capitalisation hit 201.7 billion dirhams, in late June, making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi, in which IHC holds a 45% stake. 

Among other gainers, Abu Dhabi National Insurance Co. jumped about 7%, as the insurer reported a rise in second-quarter net profit. 

Dubai's main share index fell 0.3%, with blue-chip developer Emaar Properties losing 1.2% and logistics firm Aramex retreating 1.1%.

Aramex said on Thursday quarterly net profit fell 31% due to the disruptive impact of the COVID-19 pandemic on global supply chains. 

The Qatari index eased 0.1%, hit by a 1.3% fall in Qatar Insurance Co., despite posting a net profit for the period ended June 30. 

Saudi Arabia's benchmark index traded flat in choppy trade as gains in financial shares were offset by declines in petrochemical stocks.

($1 = 3.6728 UAE dirham)

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


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