Abu Dhabi stocks gained another 1 per cent on Monday with International Holding Company almost single-handedly pushing the index higher, while banking and real estate shares led the advances in Dubai.
Abu Dhabi Securities Exchange closed the session at 6,015 points despite stocks in red by far outnumbering those gaining. A total of 19 stocks slipped up, including big names such as First Abu Dhabi Bank, Etisalat, Aldar Properties and ADNOC Distribution, against five that advanced while others traded flat.
But a double-digit surge in International Holding overshadowed weakness elsewhere, helping the index carry out its gains for a seventh day running.
International Holding jumped 12.8 per cent at Dh74.9 in what as its 10th straight session of gains, placing it on top in terms of year-to-date performance. It traded more than 78 per cent up for the year with the rally supported by the number of deals it has struck and massive earnings it reported for last year.
The firm announced Sunday its plan to divest a 100 per cent stake in Trust International Group for Dh350 million. It earlier this year set up a plant with a Dh200 million investment, aiming to process a quarter of UAE’s seafood. Other transactions include acquiring 60 per cent of Afkar Financial and Property Investment and 60 per cent of Royal Horizon Holding through its subsidiaries.
Banks, property outshine
Dubai Financial Market ended 0.9 per cent up at 2,573 points as most of its banking and real estate stocks rose. Dubai Islamic Bank and Emirates NBD scaled gains of 2.2 and 0.4 per cent, with Emaar Properties, Damac and Union Properties joining in. The two sectors had led the index higher the last week when it saw its best performance in months.
Saudi Arabia’s benchmark index flatlined at 9,965 points with 109 stocks trading up and 77 down, taking a breather after the recent rally ahead of OPEC+ meeting, which decided to gradually lift the oil production curbs.
Oman’s 30-company index rose 1 per cent to its sharpest single-day advance since August as banking stocks rebounded from recent down trends after they traded ex-dividend. Bahrain shares traded almost flat on a quiet day when a majority of stocks unchanged.
Down they go
Qatar Exchange traded lower by 0.6 per cent at 10,374 points, slipping in red on year-to-date basis. Almost all its banks underwent intense selling pressure with Qatar Commercial Bank plunging 3 per cent, while Qatar Islamic Bank and Qatar International Islamic Bank shed over 1 per cent. Lenders also pushed Kuwait’s premier index down with Ahli United Bank trading at bottom of the list after going ex-dividend in the last session.