Abu Dhabi index hits record peak

Most Gulf bourses ended higher on Sunday, with the Abu Dhabi index reaching record high, while Dubai stocks extended losses on profit taking.

In Abu Dhabi, the index finished one per cent higher, reaching a record high, buoyed by a 3.5 per cent leap in conglomerate International Holding Co following a sharp rise in its quarterly profit.

Elsewhere, Dana Gas jumped 9.2 per cent, rising for a fourth session in five. Earlier this month, the energy firm said its collection has risen to $283 million in 2021, a 86 per cent increase on the back of higher oil prices.

Saudi Arabia’s benchmark index advanced 0.8 per cent, with Al Rajhi Bank climbing 2.3 per cent and petrochemical maker Saudi Basic Industries Corp increasing 1.7 per cent.

But oil behemoth Saudi Aramco dropped 0.7 per cent, as the stock traded ex-dividend.

On Wednesday Capital Market Authority approved initial public offering of Saudi Tadawul Group, the owner and operator of the country’s stock market.

Ratings agency Moody’s changed Saudi Arabia’s outlook on Friday to “stable” from “negative”, saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers.

Dubai’s main share index fell 0.3 per cent, hit by a 1.5 per cent fall in blue-chip developer Emaar Properties.

Last week, the index rose more than eight per cent mainly after the emirate’s plans to launch a Dh2 billion ($545 million) market-maker fund and initial public offerings.

The Dubai government plans a stock market flotation of Dubai Electricity and 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.

However, the Dubai Financial Market extended gains for a fourth session to close 14.5 per cent higher, hitting its highest in over six years.

The Qatari index gained 0.3 per cent, led by a 0.7 per cent increase in Qatar National Bank, the Gulf’s largest lender.

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.

A value-added tax is still in the legislative process, the agency said.

The Bahrain’s main index up 0.4 per cent to 1,786 points, Oman benchmark rose 0.1 per cent to 4,053 points and Kuwait’s measures added 0.5 per cent to 7,795 points.

Outside the Gulf, Egypt’s blue-chip index fell 0.5 per cent, with top lender Commercial International Bank losing 1.3 per cent. — Reuters