DUBAI: Abu Dhabi's stock market ended higher on Sunday, extending gains for a fifth straight session as International Holding (IHC) continued its rise following the listing of a unit, while Dubai's main index slipped. IHC's market capitalisation hit 201.7 billion dirhams ($54.92 billion) last week, making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi, in which IHC holds a 45% stake.
IHC has risen over 28% since Alpha Dhabi's debut on June 27. The Abu Dhabi index ended 0.7% higher, boosted by a 1.2% rise in International Holding. Saudi Arabia's benchmark index rose 0.5%, with Al Rajhi Bank rising 1.3%, and Sabic Agri-Nutrient up 3.8%.
The kingdom plans to target international transit passenger traffic with a new airline, going head-to-head with Gulf giants Emirates and Qatar Airways and opening up a new front in simmering regional competition. The Qatari index closed up 0.2%, helped by a 0.8% gain in petrochemical firm Industries Qatar IQCD.QA.
Dubai's main share index lost 0.4%, pressured by a 1.1% fall in Emirates NBD Bank and 1.5% decline in Emaar Malls. Expo 2020 Dubai will start selling tickets on July 18, organisers said on Thursday, in a concrete signal that the world fair set to begin in October after a year-long delay caused by the coronavirus will go ahead.
Organisers also expect UAE flight restrictions - such as those on arrivals from India - to have lifted by the time Expo 2020 starts. Outside the Gulf, Egypt's blue-chip index gained 0.9%, with top lender Commercial International Bank putting on 0.8%.
Egypt's tourism revenues were between $3.5 billion and $4 billion during the first half of 2021 and the country received about 3.5 million tourists from January to June, Ghada Shalaby, deputy minister of tourism, told Reuters. The country's revenues from the vital sector were about $4 billion in 2020 amid the coronavirus pandemic, down by 70% from 2019.
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