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Middle East

MIDEAST STOCKS Abu Dhabi outperforms as most Gulf markets gain

3 minute read

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. REUTERS/Stringer

The Abu Dhabi stock market ended higher on Sunday, outperforming other Gulf markets, while the Dubai index was supported by gains in its property shares.

In Abu Dhabi, the benchmark (.ADI) advanced 1.1%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, rising 1.1%, whereas International Holding (IHC.AD) closed 3.6% higher, extending gains for a fourth consecutive session.

Last week, the aquaculture firm posted 1.5 billion dirhams ($408.41 million) of profit in the first quarter, up from 112.2 million dirhams a year earlier.

The company's board also approved acquiring a stake in four companies through its units.

Elsewhere, telecoms firm Etisalat (ETISALAT.AD) added 0.5%.

The Abu Dhabi-based telecoms operator Etisalat is set to raise 1 billion euros ($1.22 billion) in dual-tranche bonds on Thursday, Reuters reported, citing a document from one of the banks leading the deal.

Dubai's main share index (.DFMGI) finished 0.8% higher, led by a 2.3% leap in Emaar Properties (EMAR.DU), Dubai's biggest developer, while its shopping centre unit Emaar Malls (EMAA.DU) added 1.6%.

Dubai's tourism chief last week said he was very optimistic business and leisure travellers would return this year, though the pandemic made it difficult to predict exactly how many. read more

In Qatar, the index (.QSI) reversed earlier losses to close 0.4% higher, with Commercial Bank (COMB.QA) rising 3.1%.

Saudi Arabia's benchmark index (.TASI) concluded flat, as gains in property shares were countered by declines in fnancials.

Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.5%, helped by a 0.8% rise in top lender Commercial International Bank Egypt (COMI.CA).

Foreign investors were net buyers on Sunday, helping the main index rise for the third straight session.

($1 = 3.6728 UAE dirham)

($1 = 0.8222 euros)

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