Mideast Stocks: Major Gulf markets gain, Abu Dhabi hits record high

Abu Dhabi index touching an all-time high boosted by gains in telecoms firm Etisalat

  
Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange. Image for illustrative purposes

Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange. Image for illustrative purposes

REUTERS/Stringer

Most major stock markets in the Gulf rebounded on Tuesday, with the Abu Dhabi index touching an all-time high boosted by gains in telecoms firm Etisalat.

Saudi Arabia's benchmark index gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank and a 2.8% increase in Dr Sulaiman Al-Habib Medical Service. Oil behemoth Saudi Aramco was up 0.7%.

Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday, citing sources familiar with the matter. u

In Abu Dhabi, the index advanced 0.9%, with Emirates Telecommunications Group (Etisalat) rising 2.4% after signing an agreement to acquire additional stake in Maroc Telecom Group for about $505 million. 

Dubai's main share index climbed 0.4%, with blue-chip developer Emaar Properties rising 1.5% and sharia-compliant lender Dubai Islamic Bank adding 0.6%.

The Qatari index added 0.3%, with Qatar National Bank rising 1.1% and Qatar Gas Transport gaining 1.2%.

Elsewhere, United Development Company finished 0.1% higher.

Dubai district cooling firm Tabreed has sold its stake in joint venture Qatar Cool to United Development Company. 

Back in Dubai, Tabreed was down 0.3%.

Outside the Gulf, Egypt's blue-chip index fell 1%, dragged by a 2.5% drop in top lender Commercial International Bank.

Egypt has sold 622 million in one-year, euro-denominated T-bills with an average yield of 1.396%, the central bank said on Monday.

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


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