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Abu Dhabi hits record as most markets rise; Qatar bucks trend

 Abu Dhabi hits record as most markets rise; Qatar bucks trend

A screen showing U.S. President-elect Donald Trump is seen as a man walks at Dubai Financial Market, in Dubai, United Arab Emirates, November 9, 2016. REUTERS/Stringer

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Nov 8 (Reuters) – Most stock markets in the Gulf rose in early trade on Monday, with the Abu Dhabi index reaching an all-time high, while Qatar bucked the trend.

The Abu Dhabi (.ADI) index advanced 1.2%, hitting a record high, buoyed by a 5% jump in conglomerate International Holding Co (IHC) (IHC.AD).

On Thursday, IHC reported a quarterly net profit of 2.87 billion dirhams ($781.42 million), up from 958.9 million dirhams year ago.

IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, became Abu Dhabi’s most valuable listed company in June after the listing of subsidiary Alpha Dhabi (ALPHADHABI.AD).

It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed.

Saudi Arabia’s benchmark index (.TASI) rose 0.5%, with Al Rajhi Bank (1120.SE) climbing 2.5% and SABIC Agri-Nutrients Co (2020.SE) leaping 2.9%.

Oil prices rose as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude.

However, oil giant Saudi Aramco (2222.SE) was down 0.1%, extending losses from the previous session when it traded ex-dividend.

Dubai’s main share index (.DFMGI) gained 0.6%, with Dubai Financial Market (DFM.DU) surging 13.7%, on course to extend gains for a fifth session.

Last week, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.

The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more

The Qatari index (.QSI) eased 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) falling 0.7%.

Qatar’s General Tax Authority does not intend to introduce an income tax, the state news agency reported on Sunday, citing the authority’s head.

($1 = 3.6728 UAE dirham)Reporting by Ateeq Shariff in Bengaluru; Editing by Nick Macfie

Our Standards: The Thomson Reuters Trust Principles.

This article was originally published by Reuters.


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