Conglomerate IHC lifts Abu Dhabi index; Dubai shares fall

August 5, 202212:48 PM UTCUpdated ago

A trader looks on near electronic boards showing stock market data at Bahrain Bourse in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

Aug 5 (Reuters) - The Abu Dhabi index rallied on Friday as conglomerate International Holding Company (IHC.AD) surged ahead of its results early next week, while shares in Dubai extended losses.

The region's stock markets had a mixed week, and could face pressure in the coming days as the volatility in energy markets adds to investor concerns, said Farah Mourad, senior market analyst at XTB MENA.

The Abu Dhabi index (.FTFADGI) advanced 1.1%, with Abu Dhabi Commercial Bank (ADCB.AD) rising 2.9% and the country's largest lender - First Abu Dhabi Bank (FAB.AD) - firming 0.5%.

Shares of International Holding Company jumped 2.9% to a record high ahead of its half-year results on Aug. 8.

The gains were, however, capped by a 4.4% fall in Al Waha Capital (WAHA.AD) after the investment company reported a loss of 59.3 million dirhams ($16.15 million) in second quarter.

Dubai's main share index (.DFMGI) fell 0.1%, as top lender Emirates NBD (ENBD.DU) lost 0.7% and low-cost carrier Air Arabia declined 1.3%.

Among other stocks, Union properties (UPRO.DU) slumped 5.7%, its biggest one-day fall since April 25, after the firm reported a near-wipeout of quarterly profit.