DUBAI: Most major Gulf markets closed higher on Wednesday with Abu Dhabi stocks leading gains, as Mubadala-backed satellite operator Al Yah Satellite Communications (Yahsat) listed after a $730 million initial public offering (IPO).
Abu Dhab’s index closed 0.5% higher boosted by a 1.9% rise in International Holding Company.
Shares of Yahsat surged as much as 12.7% in the first day of trading before closing at 2.80 dirhams ($0.7624) per share, 1.8% above its IPO price of 2.75 dirhams.
Saudi Arabia’s benchmark index was up 0.4% supported Saudi National Bank and Al Rajhi Bank, rising 1.5% and 0.4%, respectively.
Saudi Aramco added 0.7%, while Arriyadh Development jumped 9.9% to be the top percentage gainer on the index after reporting a 163% surge in quarterly profit and declaring first half dividend of 1 riyal per share.
The Qatari index edged up 0.1% as the Gulf’s largest lender Qatar National Bank increased 1.3%.
The Dubai index closed down 0.2%. Dubai Islamic Bank slipped 0.8%, while Dubai Investments shed 2.3% after saying it acquired Emirates NBD’s stake in National General Insurance. Emirates NBD Bank rose 1.5%
Outside the Gulf, Egypt’s blue-chip index closed 1.6% higher as the country’s largest lender Commercial International Bank added a further 1% to Tuesday’s gain following a 24% increase in second-quarter net profit.
Fawry for banking technology and electronic payment climbed 3.2% after saying it acquired a minority stake in food deliver platform Elmenus.
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