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Markets

Abu Dhabi index extends gains as Dubai shares fall

  • In Abu Dhabi, the index gained 0.5%, on track to extend gains for a seventh consecutive session
Published July 6, 2021

Abu Dhabi stocks rose in early trade on Tuesday, as International Holding (IHC) continued to buoy the index, while the Dubai index was hit by financial shares.

In Abu Dhabi, the index gained 0.5%, on track to extend gains for a seventh consecutive session, led by a 2.5% rise in International Holding.

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.

Saudi Arabia's benchmark index edged up 0.1%, with Saudi Arabian Mining Company advancing 1.9% and Al Rajhi Bank adding 0.2%.

The kingdom has amended its rules on imports from other Gulf Cooperation Council countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, in a bid to challenge the United Arab Emirates' status as the region's trade and business hub.

"Differences between Saudi and the UAE now cover, to varying degrees, a number of issues: oil output, Yemen, Iran, and Israel. Beyond the OPEC+ agreement, these are affecting competition in non-oil diversification," said Hasnain Malik, head of equity and strategy at Tellimer.

Dubai's main share index dropped 0.6%, weighed down by a 1.1% fall in Emirates NBD Bank and a 1% decline in sharia-compliant lender Dubai Islamic Bank.

Elsewhere, Dubai's largest listed developer Emaar Properties retreated 0.5%. It expects to buy out minority shareholders of Emaar Malls and delist the business by year-end.

Emaar Malls was down 1.5%.

The Qatari benchmark eased 0.2%, pressured by a 0.5% drop in petrochemical firm Industries Qatar.

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