Abu Dhabi outperforms major Gulf markets
- In Abu Dhabi, the index rose 1.3%, on track to extend gains for an eight consecutive session, boosted by a 13.6% rise in International Holding.
- Saudi Arabia's benchmark index edged up 0.3%, with Advanced Petrochemical jumping more than 5%, after it reported strong quarterly earnings.
The Abu Dhabi stock market advanced on Monday as aquaculture company International Holding continued its gains, while the Saudi index was bolstered by Advanced Petrochemical.
In Abu Dhabi, the index rose 1.3%, on track to extend gains for an eight consecutive session, boosted by a 13.6% rise in International Holding.
On Sunday, the company said it planned to divest all its shares in defence supplier Trust International Holding for 350 million dirhams ($95.30 million).
Saudi Arabia's benchmark index edged up 0.3%, with Advanced Petrochemical jumping more than 5%, after it reported strong quarterly earnings.
Saudi Arabia's Yanbu Cement, however, lost 0.8% after saying that it was postponing a recommendation to decrease its capital to support Saudi government plans requiring the private sector to invest in the local economy.
The capital decrease would have happened by cancelling 36.5% of its shares and compensating shareholders.
Meanwhile, the kingdom's non-oil private sector grew for the seventh straight month in March, albeit at a slower pace, with output and new orders expanding more moderately than a month earlier, a survey showed on Monday.
In Dubai, the benchmark index eased 0.3%, hit by a 1.1% fall in sharia-compliant lender Dubai Islamic Bank .
The Qatari index was flat in early trading.
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