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Abu Dhabi stocks shine amid mixed GCC signals

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Abu Dhabi stocks traded higher on the first day of the week in what was the index’s sixth straight advance on a day when GCC markets displayed a mixed performance.
Image Credit: Ahmed Kutty/Gulf News Archives

Dubai: Abu Dhabi stocks traded higher on the first day of the week in what was the index’s sixth straight advance on a day when GCC markets displayed a mixed performance as investors traded without big clues for guidance.

Abu Dhabi Securities Exchange edged up 0.3 per cent at 5,962 points, advancing for a sixth session in a row. The index closed higher every day last week to accumulate 3.8 per cent weekly gains, in what was its best performance in months. Stocks offered mixed signals as the gainers and losers were almost equally divided, but a near 5 per cent jump in International Holding titled the balance upward. The firm traded higher for the ninth consecutive day and is trading more than 61 per cent up for the year after massive full-year gains and business expansion impressed the investors.

Up on acquisition plan

The index also received some support from other heavyweight stocks with Abu Dhabi Islamic Bank and the telecom firm Etisalat adding 1 and 0.4 per cent, respectively. Abu Dhabi Aviation gained 1.2 per cent after it signed a letter of intent to consider acquiring an aviation services provider Falcon Aviation Services. The potential acquisition is part of the strategic plan to expand assets and raise revenues.

Taking a breather

Dubai Financial Market traded 0.2 per cent lower at 2,554 points with weakness seen in most of the sectors as the index took a pause following its best-in-months performance last week. Air Arabia dipped a further 1.6 per cent after mostly trending down in recent days as rebuilding coronavirus caseloads around the world weakened the prospects of the aviation industry getting back to normal activity anytime soon. The telco du headed lower by 1.3 per cent as it was trading with no dividend entitlements for investors buying the stock.

Qatar Exchange ticked down 0.3 per cent to trade at 10,422 points with industrial shares weighing the most. Qatar Navigation dropped 2.5 per cent, while Industries Qatar shed 0.8 per cent. Kuwait premier index moved upward, lifted mainly by its banks with Ahli United Bank, Kuwait Finance House and Gulf Bank all trading higher. Financials also propelled the Bahrain shares but pushed down Oman’s 30-company index.


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