DUBAI: Abu Dhabi’s stocks hit a new record high on Thursday, as conglomerate International Holding (IHC) continued a winning streak following the listing of its Alpha Dhabi subsidiary.
IHC has risen about 28% this week after Alpha Dhabi Holding, in which IHC holds a 45% stake, made its market debut.
The Abu Dhabi index gained 0.9%, buoyed by a 3.4% rise in International Holding.
IHC, whose businesses range from healthcare to agriculture, has boosted growth in its financials by rapidly expanding across different business sectors.
Its healthcare units have been involved in the treatment of Covid-19 patients in the UAE, as well as in testing and the vaccine campaign, IHC’s annual report showed.
Dubai’s main share index rose 0.8% during the session before settling 0.2% higher. Emirates NBD Bank added 1.1%, while logistics company Aramex was down 1.3%.
The Dubai market opened slightly higher, but trading was volatile. Volumes were high as traders rushed to get the best entry points as the market seemed to be on the verge of reversing, said Mohamad Ibrahim, regional director at Exness.
Saudi Arabia’s benchmark index gave up early gains to ease 0.1%, pressured by a 1.7% fall in Dr Sulaiman Al-Habib Medical Services.
However, the index logged its eighth weekly gain following a rebound in crude oil prices.
Brent crude gained $1.86, or 2.5%, to $76.48 a barrel by 1212 GMT, supported by the prospect of strengthening demand, lower US stocks and a Reuters report that OPEC+ producers could increase output in coming months, but the increase would be less than expected.
In Qatar, the benchmark increased 0.7%, as all the constituents in the index were in positive territory, including petrochemical firm Industries Qatar.
Egypt was closed for a public holiday.