DUBAI: Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.
Saudi Arabia’s benchmark index added 0.1%, with Al Rajhi Bank rising 0.5% and Riyad Bank advancing 1.3%.
On the other hand, oil giant Saudi Aramco retreated 1%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd’s oil refining and chemicals business for about $20 billion to $25 billion in Aramco’s shares, Reuters reported on Monday, citing Bloomberg News.
In Abu Dhabi, the index gained 0.6%, with International Holding jumping over 3%, extending gains for a sixth session.
Last week, IHC reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams a 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.
Dubai’s main share index eased 0.1%, pressured by a 1.5% fall in blue-chip developer Emaar Properties.
“Stock markets in the GCC might encounter some headwinds this week as concerns about the global economy emerge again. The region’s markets should price in the US consumption retreat and the lower US consumer sentiment,” said Wael Makarem, senior market strategist for the MENA region at Exness.
“The effects of the US slowdown should however be mitigated by the strong GCC economic fundamentals and the dynamic trade developments in the region.”
The Qatari benchmark edged up 0.1%, helped by a 1.1% gain in Qatar Fuel Company.
Outside the Gulf, Egypt’s blue-chip index was up 0.2%, with Cleopatra Hospital rising 3.1%.
SAUDI ARABIA rose 0.1% to 11,361
ABU DHABI gained 0.6% to 7,646
DUBAI fell 0.1% to 2,814
QATAR added 0.1% to 10,942
EGYPT up 0.2% to 11,046
BAHRAIN was flat at 1,637
OMAN down 0.2% to 4,011
KUWAIT dropped 0.4% to 7,194.
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