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MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

08/10/2022 | 04:30am EDT

Aug 10 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of U.S. inflation data that could point to the Federal Reserve's appetite for more aggressive rate increases.

The Abu Dhabi index touched a record peak, rising 0.7% to 10,193 points and bolstered by a 2.1% gain in conglomerate International Holding Co (IHC), which is on course to gain for a fourth session in five.

On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.

IHC, which has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors, is Abu Dhabi's most valuable listed company.

Elsewhere, Abu Dhabi National Energy Company jumped 4%, after reporting a sharp rise in first-half net profit.

Dubai's main share index eased 0.1%, hit by a 1.5% fall in its top lender, Emirates NBD.

The bank has given most employees a pay rise of up to 8% to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter.

Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.

The Dubai index's losses, however, were limited by a 1.3% rise in blue-chip developer Emaar Properties.

Saudi Arabia's benchmark index added 0.1%, helped by a 0.5% gain in Al Rajhi Bank.

Oil giant Saudi Aramco has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday.

Shares of Aramco were down 0.5%.

The Qatari benchmark dropped 0.4%, driven down by a 0.6% fall in Qatar Islamic Bank.

Among other losers, Salam International Investment dropped 3.8% following a decline in first-half profit.

Crude oil prices, a key catalyst for the Gulf's financial markets, fell ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories had unexpectedly risen last week, signalling a potential hiccup in demand.

($1 = 3.6727 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Bradley Perrett)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI NATIONAL ENERGY COMPANY 7.92% 2.59 End-of-day quote.96.21%
AL RAJHI BANKING AND INVESTMENT CORPORATION 1.81% 84.5 End-of-day quote.-4.65%
EMAAR PROPERTIES 2.94% 5.95 End-of-day quote.21.68%
EMIRATES NBD BANK 3.50% 13.3 End-of-day quote.-1.85%
EURO / DIRHAM (EUR/AED) -0.02% 3.665 Delayed Quote.-13.88%
INTERNATIONAL HOLDING COMPANY 0.42% 360 End-of-day quote.136.84%
LONDON BRENT OIL -0.08% 91.7 Delayed Quote.12.85%
QATAR ISLAMIC BANK (Q.P.S.C.) 2.87% 25.1 End-of-day quote.36.93%
S&P GSCI CRUDE OIL INDEX -0.10% 473.3639 Real-time Quote.10.89%
SALAM INTERNATIONAL INVESTMENT LIMITED Q.P.S.C. 1.81% 0.843 End-of-day quote.2.93%
SAUDI ARABIAN OIL COMPANY 0.70% 36 End-of-day quote.10.61%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6727 Delayed Quote.0.00%
WTI -0.10% 86.454 Delayed Quote.10.63%
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