Abu Dhabi hits record high as IHC extends gains

Abu Dhabi stocks closed at a record high on Wednesday, lifted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers earlier this week.

In Abu Dhabi, the benchmark index gained 0.5%.

IHC gained about 10% so far this week after the company reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams year ago.

The company's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed firm, after the market debut of Alpha Dhabi, in which IHC holds a 45% stake.

Elsewhere, Aldar Properties finished 0.7% higher.

After the closing bell, the property developer reported an increase in its second-quarter net profit.

Saudi Arabia's benchmark index gained 0.2%, led by a 3.5% rise in Saudi Arabian Mining Company and a 0.3% increase in Al Rajhi Bank.

Most Gulf bourses fall, tracking oil prices; Abu Dhabi gains

Banque Saudi Fransi leapt more than 3% after its Syrian subsidiary reported a rise in second-quarter net profit.

Dubai's main share index eased 0.1%, hit by a 1.5% fall in top lender Emirates NBD.

However, further losses in the index were capped by a strong performance in Emaar Properties that climbed 0.8%.

Post trading hours, the blue-chip developer reported a quarterly net profit of 903 million dirhams ($245.85 million), down from 1.09 billion dirhams a year earlier.

On the other hand, its unit Emaar Development saw an increase in its quarterly net profit. Shares of Emaar closed 0.5% higher.

The Qatari benchmark closed flat, as gains in financial shares were offset by declines in industrial stocks.

Outside the Gulf, Egypt's blue-chip index rose 0.3%, with top lender Commercial International Bank gaining 2.1%.