Mideast Stocks: Abu Dhabi index gains for 7th day, blue-chip losses hit Egypt

Abu Dhabi gains for a seventh consecutive session

  
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 .

The Abu Dhabi stock market rose 1% on Monday to notch its seventh straight session of gains, as aquaculture firm International Holdings surged over 12% after divesting a unit.

Outside the Gulf, Egypt's blue-chip index finished 1.5% lower, with Commercial International Bank losing 3.2%.

On Sunday, Abu Dhabi's International Holdings said it planned to divest all its shares in defence supplier Trust International Holding for 350 million dirhams ($95.30 million). 

Saudi Arabia's benchmark index closed flat, with blue-chip shares trading mixed.

Saudi Electricity Company leapt 4.7%. Last week, the utility firm reported a sharp surge in its full-year earnings.

However, Saudi National Bank, the kingdom's largest lender, fell 1.9%. It rose 3.6% a day earlier after it proposed a dividend.

Dubai's main share index advanced 0.9%, with sharia-compliant lender Dubai Islamic Bank (DIB) rising 2.2%, while blue-chip developer Emaar Properties was up 1.4%.

Dubai Islamic Bank plans to tap the international debt markets with U.S. dollar-denominated Additional Tier 1 sukuk, or Islamic bonds, as soon as this week, two sources said on Monday. 

The Qatari index lost 0.6%, extending losses from the previous session, as most of the stocks on the index were in negative territory including Commercial Bank.

Last month, Qatar tightened COVID-19 restrictions ordering the closure of leisure centres, gyms and swimming pools and for shopping malls to operate at a reduced capacity of 30%, while cinemas would run at 20% capacity.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff; Editing by Devika Syamnath)


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