Mideast Stocks: IHC lifts Abu Dhabi as major Gulf markets end mixed

Saudi Telecom weighs on Saudi

  
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

Major Gulf stock markets were mixed on Thursday, with the Abu Dhabi index rising after aquaculture firm International Holding Company reported a higher quarterly profit.

Abu Dhabi's index .closed 0.6% higher with a weekly gain of 1.7%. International Holding was up 3.3%, boosting the index the most. The firm posted 1.5 billion dirhams of profit in the first quarter compared with 112.2 million dirhams a year earlier. 

The company's board also approved acquiring stake in four companies through its units. 

Emirates Telecommunications Group , which is set to raise 1 billion euros ($1.2 billion) in dual-tranche bonds on Thursday, added 0.8%. 

Abu Dhabi's gains were capped by a 5.5% drop in Dana Gas as it traded ex-dividend.

The Dubai index was up 0.5% and ended the week with a 2.3% rise. Emirates NBD Bank advanced 2.1% and Emaar Malls added 1.6%.

Aramex closed nearly 1% down. The Courier firm fell as much as 3.9% during the day after reporting a 32% decline in first-quarter profit to 46 million dirhams ($12.52 million)

Saudi Arabia's benchmark index was down 0.2% and fell 1.8% for the week.

Saudi Telecom declined 1.8%, extending losses from Wednesday, when it traded ex-dividend.

Among the gainers, Al Rajhi Bank and Sahara International Petrochemical advanced 0.4% and 3.9%, respectively.

Reuters reported, citing sources, that Saudi Arabia is considering barring overseas pilgrims from the annual haj for the second year running as COVID-19 cases rise globally and worries grow about the emergence of new variants. 

The Qatari index ended flat with Industries Qatar gaining 0.7% and Commercial Bank losing 1%.

Outside the Gulf, Egypt's blue-chip index ended up 0.7%. Commercial International Bank Egypt led the gainers increasing 1.3%.

Cigarette maker Eastern Company climbed 1.3%, extending gains for a third day after posting a 24.3% jump in profit for the nine-month period that ended on March 31. 

(Reporting by Maqsood Alam in Bengaluru; Editing by Shailesh Kuber) ((Maqsood.Alam@thomsonreuters.com;))

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