Mideast Stocks: Abu Dhabi hits record high in early trade, major Gulf markets firm

The Abu Dhabi index rose 0.5%, with International Holding advancing 2.1%

  

Abu Dhabi stocks hit a new record high Tuesday, led by a rise in conglomerate International Holding (IHC), while other major Gulf markets firmed in early trade.

IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, became Abu Dhabi's most valuable listed company June 27. 

The firm's market capitalisation hit 201.7 billion dirhams ($54.92 billion) after the market debut of Alpha Dhabi, in which IHC holds a 45% stake.

The Abu Dhabi index rose 0.5%, with International Holding advancing 2.1%.

IHC, which 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, has risen over 200% so far this year.

Among others, National Marine Dredging umped 4.7%, a day after the firm announced a couple of new projects awarded to the company. 

Dubai's main share index added 0.3%, with sharia-compliant lender Dubai Islamic Bank gaining 0.8% and Emirates NBD Bank rising 0.4%.

Elsewhere, budget airliner Air Arabia was up 0.8%.

Saudi Arabia's benchmark index gained 0.6%, bolstered by a 0.7% gain in Al Rajhi Bank and a 1% increase in Saudi National Bank, the kingdom's largest lender.

In Qatar, the index edged up 0.1%, helped by a 1.1% rise in petrochemical firm Industries Qatar.

However, Qatar Gas Transport fell 1.4%, despite reporting a higher first-half net profit. 

($1 = 3.6728 UAE dirham)

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


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