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DUBAI: Most Gulf bourses ended higher on Sunday, with the Abu Dhabi index reaching record high, while Dubai stocks extended losses on profit taking. In Abu Dhabi, the index finished 1% higher, reaching a record high, buoyed by a 3.5% leap in conglomerate International Holding Co following a sharp rise in its quarterly profit.

Elsewhere, Dana Gas jumped 9.2%, rising for a fourth session in five. Earlier this month, the energy firm said its collection has risen to $283 million in 2021, a 86% increase on the back of higher oil prices. Saudi Arabia's benchmark index advanced 0.8%, with Al Rajhi Bank climbing 2.3% and petrochemical maker Saudi Basic Industries Corp increasing 1.7%.

But oil behemoth Saudi Aramco dropped 0.7%, as the stock traded ex-dividend. On Wednesday Capital Market Authority approved initial public offering of Saudi Tadawul Group, the owner and operator of the country's stock market. Ratings agency Moody's changed Saudi Arabia's outlook on Friday to "stable" from "negative", saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers.

Dubai's main share index fell 0.3%, hit by a 1.5% fall in blue-chip developer Emaar Properties. Last week, the index rose more than 8% mainly after the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.

The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. However, the Dubai Financial Market extended gains for a fourth session to close 14.5% higher, hitting its highest in over 6 years.

The Qatari index gained 0.3%, led by a 0.7% increase in Qatar National Bank, the Gulf's largest lender. Qatar's General Tax Authority does not intend to introduce an income tax, the state news agency reported on Sunday, citing the authority's head.

A value-added tax is still in the legislative process, the agency said. Outside the Gulf, Egypt's blue-chip index fell 0.5%, with top lender Commercial International Bank losing 1.3%.

SAUDI ARABIA rose 0.8% to 11,841

ABU DHABI gained 1% to 8,094

DUBAI down 0.3% to 3,098

QATAR gained 0.7% to 11,973

EGYPT lost 1.1% to 11,337

BAHRAIN was up 0.4% to 1,786

OMAN rose 0.1% to 4,053

KUWAIT added 0.5% to 7,79.

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