Mideast Stocks: Abu Dhabi outperforms Gulf stocks as IHC extends surge

The Abu Dhabi index advanced 1.2%, while International Holding was up 3.4%

  
Investors look up at electronic boards displaying stock information at the Abu Dhabi Securities Exchange

Investors look up at electronic boards displaying stock information at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

Abu Dhabi stocks outperformed Gulf markets on Monday, led by a 9% surge in the shares of the International Holding Company (IHC) conglomerate, which benefited from the listing of a subsidiary.

The Abu Dhabi index advanced 1.2%, while International Holding was up 3.4%, having jumped 15% on Sunday. IHC shares are up around 170% this year.

IHC, now Abu Dhabi's most valuable listed company, gained after the listing of Alpha Dhabi Holding, in which IHC holds a 45% stake and which operates in the healthcare, construction and hospitality sectors. 

Alpha Dhabi leapt over 8%.

Saudi Arabia's benchmark index rose too, adding 0.2%, helped by a 0.4% gain in Al Rajhi Bank and a 0.5% increase in petrochemical maker Saudi Basic Industries.

Separately, Saudi Fransi Capital has started a book building process for Tanmiah Food Co's initial public offering, setting a price range of 59 riyals ($15.73) to 67 riyals per share, the investment banking group said on Sunday. 

But Dubai's main share index eased 0.2%, hit by a 0.5% fall in blue-chip developer Emaar Properties. Emaar shed some of the 1% gain it made on Sunday, after S&P Global raised its outlook to stable from negative. 

S&P attributed the outlook revision to better momentum in Dubai's residential real estate, with prices rising in some areas for the first time since 2015.

The Qatari benchmark lost 0.2%, with petrochemical maker Industries Qatar falling 0.6% and Qatar Fuel Company dropping 1.3%.

However, the index's losses were limited by telecoms firm Ooredoo, which rose 1.3%. Ooredoo shares retreated 3.8% on Sunday after the imposition of a 3.5 million riyal ($950,000) financial sanction for violating instructions issued by the authority.

($1 = 3.7501 riyals) ($1 = 3.6977 Qatar riyals)

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


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