Mideast Stocks: Major Gulf stocks fall in early trade, Yahsat jumps in market debut

Abu Dhab's index slipped 0.1% as International Holding Company lost 0.3%


Major stock markets in the Gulf traded lower early on Wednesday, while Abu Dhabi's Mubadala-backed satellite company Al Yah Satellite Communications (Yahsat) surged in its market debut.

Abu Dhab's index slipped 0.1% as International Holding Company lost 0.3%.

Shares of Yahsat began trading on Abu Dhabi Market after a $730 million initial public offering, opening at 3 dirhams ($0.8168) per share, 9% above its IPO price of 2.75 dirhams.

Market debut of Yahsat is a good open for other prospective IPOs in Abu Dhabi.

Yahsat is among the three portfolio companies that Mubadala is pushing to take public this year.

According to sources, Mubadala is close to making a decision on listing of Emirates Global Aluminium, which is owned by Mubadala and Investment Corp of Dubai, and is seeking a potential U.S. listing of Santa Clara-based semiconductor producer Globalfoundries.

Separately, state-owned Abu Dhabi National Oil Co is considering listing its drilling business and its fertiliser joint venture Fertiglob.

The Dubai index fell 0.5% with Dubai Investments weighing the most on the index, declining 2.9%.

Dubai Investments said it acquired 15.19% Shares In National General Insurance.

Saudi Arabia's index was up 0.2%, supported by gains in Al Rajhi Bank and Saudi Basic Industries gaining 0.4% and 0.7%, respectively.

Arriyadh Development jumped 4.7% after reporting a 163% surge in quarterly profit and declaring first half dividend of 1 riyal per share. 

In Qatar, the index was down 0.1% with Commercial Bank dropping 1.4%.

This was Commercial Bank's third straight decline after it withdrew an offer to acquire more shares in National Bank of Oman, which would have given it a controlling stake of just over 50%. 

(Reporting by Maqsood Alam in Bengaluru, Editing by Angus MacSwan) ((Maqsood.Alam@thomsonreuters.com;))

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