Mideast Stocks: Abu Dhabi hits record high again; other major Gulf markets mixed

Major stock markets in the Gulf ended mixed on Monday

  
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 .

Major stock markets in the Gulf ended mixed on Monday, a day after the bourses were in the black as they reopened after a long Eid break, with the Abu Dhabi index reaching a new 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.

In Abu Dhabi, the index advanced 0.9%, hitting a new record high, buoyed by a 2.9% rise in conglomerate International Holding and a 1.1% increase in telecoms firm Etisalat.

Elsewhere, Dana Gas gained 2%, extending gains for a second consecutive session, after the energy firm won an arbitration on the sale of assets in Egypt.

The company said in April 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. 

Abu Dhabi will reduce business setup fees to 1,000 dirhams ($272.27), a 94% reduction from current rates, effective from July 27, as part of efforts to enable the private sector, Abu Dhabi media office said on Sunday. 

Saudi Arabia's benchmark index edged up 0.2%, supported by a 0.6% gain in Al Rajhi Bank and a 2.1% rise in Dr Sulaiman Al-Habib Medical Services.

Dubai's main share index dropped 0.6%, weighed down by a 1.1% fall in top lender Emirates NBD Bank, ahead of its board meeting on Tuesday to discuss first-half financial statements.

Blue-chip developer Emaar Properties retreated 1.5%.

The Qatari benchmark declined 0.9%, with Qatar Islamic Bank losing 1.7% and Commercial Bank declining 2.5%.

Outside the Gulf, Egypt's blue-chip index finished 0.5% lower, as most of the stocks on the index were in negative territory including Commercial International Bank, which dropped 1.1%.

($1 = 3.6728 UAE dirham)

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


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