Mideast Stocks: Abu Dhabi index extends gains for eighth session; other markets flat

Saudi Arabia's benchmark index added 0.2%

  
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

REUTERS/Stringer

The Abu Dhabi stock market ended higher on Tuesday as aquaculture company International Holding continued its advance, while other major Gulf markets were little changed.

In Abu Dhabi, the index climbed 1.1%, extending gains for an eighth consecutive session, boosted by a 12.8% rise in International Holding IHC.AD .

On Sunday, the company said it planned to divest all its shares in defence supplier Trust International Holding for 350 million dirhams ($95.30 million). 

"Profits in 2020 jumped six times over the numbers in 2019, with International Holdings benefiting from various acquisitions in different sectors," Daniel Takieddine, market analyst at FxPRIMUS, said. "With the market returning to good health, International Holdings is definitely a stock to watch."

So far this year, International Holding has risen more than 60%.

Saudi Arabia's benchmark index added 0.2%, with Banque Saudi Fransi  jumping 4.5%, while Advanced Petrochemical advanced 4.2% after it reported strong quarterly earnings. 

Saudi Arabia's Yanbu Cement, however, declined 1.4% after saying that it was postponing a recommendation to decrease its capital to support Saudi government plans requiring the private sector to invest in the local economy. 

In Dubai, the main share index reversed earlier losses to close flat.

Outside the Gulf, Egypt's blue-chip index edged up 0.1%, helped by a 0.8% rise in top lender Commercial International Bank.

($1 = 3.6728 UAE dirham)

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

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