Mideast Stocks: Abu Dhabi hits record high as most Gulf markets gain

Most Gulf bourses ended higher on Sunday

  
Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

REUTERS/Stringer

Most Gulf bourses ended higher on Sunday, as they reopened after a long Eid break, with the Abu Dhabi index hitting a record high.

During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.

Saudi Arabia's benchmark index gained 0.8%, with Al Rajhi Bank rising 1.1% and Saudi Arabian Mining Company up more than 5%.

Yanbu National Petrochemicals Company advanced 2.2% after it announced completion of all required maintenance work and resumption of operations at the company's plants. 

After trading hours, the petrochemical firm also reported a sharp rise in quarterly net profit. 

Dubai's main share index finished 1.1% higher, buoyed by a 3.1% gain in Emirates NBD Bank, ahead of its board meeting on Tuesday to discuss first-half financial statements.

In Abu Dhabi the index added 0.6%, hitting a record high, buoyed by a 0.7% rise in telecoms firm Etisalat, while Abu Dhabi Islamic Bank was up 2.1%.

The sharia-compliant lender has called a board meeting on Wednesday to discuss and approve second-quarter earnings.

Elsewhere, Dana Gas jumped 2.5% after the energy firm won an arbitration on the sale of assets in Egypt. 

In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. 

The Qatari benchmark closed 0.8% higher, with Qatar National Bank, the Gulf's biggest lender, and Qatar Islamic Bank rising 1.1% each.

Outside the Gulf, Egypt's blue-chip index rose 0.9%, as most of the stocks on the index were in positive territory including top lender Commercial International Bank, which was up 0.8%.

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