MIDEAST STOCKS Abu Dhabi outperforms Gulf pals as IHC extends gains
An investor displays a cover displaying stock facts on the Abu Dhabi Securities Change June 25, 2014.
Aug 16 (Reuters) – Abu Dhabi shares rose in early substitute on Monday, outperforming other Gulf pals, boosted by prolonged gains in World Retaining (IHC) after the conglomerate delivered sturdy first-half of numbers final week.
Other major Gulf markets were limited changed in absence of unique factors.
In Abu Dhabi, the index (.ADI) acquired 0.6%, with World Retaining (IHC.AD) leaping about 3%.
Final week, IHC reported a accumulate profit of 4.36 billion dirhams ($1.19 billion) for the duration ended June 30, up from 814 million dirhams year up to now.
The firm’s market capitalisation hit 201.7 billion dirhams in gradual June, making it Abu Dhabi’s most handy listed firm, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read extra
Saudi Arabia’s benchmark index (.TASI) edged up 0.1%, helped by a 0.5% rise in Al Rajhi Monetary institution (1120.SE) and a 0.9% develop in Riyad Monetary institution (1010.SE).
Alternatively, the index’s gains were dinky by declines in oil massive Saudi Aramco (2222.SE), which fell 0.9%.
Aramco is in evolved talks to gain a roughly 20% stake in Reliance Industries Ltd’s (RELI.NS) oil refining and chemical substances substitute for about $20 billion to $25 billion in Aramco’s shares, Reuters reported on Monday, citing Bloomberg News. read extra
Dubai’s major fragment index (.DFMGI) fell 0.1%, hit by a 1.2% tumble in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari benchmark (.QSI) added 0.1%, with Qatar Gas Co (QFLS.QA) gaining 0.8%.
($1 = 3.6728 UAE dirham)
Reporting by Ateeq Shariff in Bengaluru
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