MIDEAST STOCKS Abu Dhabi hits record high; other major Gulf stock markets are slacking off

Traders wait at the Bahrain Stock Exchange after Joe Biden wins the US Presidency, in Manama, Bahrain, on November 8, 2020. REUTERS / Hamad I Mohammed

July 5 (Reuters) – Shares of Abu Dhabi hit a record high early in Monday, driven by gains at International Holding (IHC) as the company continued its rally after listing a subsidiary.

IHC’s market capitalization reached 201.7 billion dirhams ($ 54.92 billion) last week, making it the highest-valued listed company in Abu Dhabi, after entering the market of Alpha Dhabi (ALPHADHABI.AD), in which IHC has a 45% stake. Read more

In Abu Dhabi, the index (.ADI) gained 1%, with International Holding (IHC.AD) gaining more than 5%.

The index’s gains were capped by losses from the country’s largest lender, First Abu Dhabi Bank (FAB.AD), which was down 0.6%.

Dubai’s main stock index (.DFMGI) fell 0.1%, dragged down by a 0.4% drop in Emirates Bank NBD (ENBD.DU) and a 1.5% drop in the airline to low price Air Arabia (AIRA.DU).

The United Arab Emirates has approved Moderna Inc’s (MRNA.O) COVID-19 vaccine for emergency use, the fifth vaccine to receive such approval from the Arab Gulf state. Read more

The United Arab Emirates, with a population of around 9.2 million, has reported the spread of beta, delta and alpha variants in the country. Read more

Saudi Arabia’s benchmark (.TASI) fell 0.3%, under pressure from a 1.1% drop from Saudi Telecom Company (7010.SE) and a drop of 0, 7% of the petrochemical company Saudi Basic Industries (2010.SE).

OPEC + ministers resumed talks on Monday after failing to reach an agreement on oil production policy in two days of talks last week, amid a rare public standoff between Gulf allies, the Saudi Arabia and the United Arab Emirates. Read more

The spat erupted at a sensitive time for the oil market and could delay plans to pump more oil until the end of the year to cool global oil prices which have hit 2.5-year highs. Brent was trading around $ 76 on Monday.

The movement of oil prices is a key catalyst for the financial markets of the Gulf region.

The Qatari index (.QSI) fell 0.2%, with the Qatar National Bank (QNBK.QA) losing 0.3%.

($ 1 = 3.6728 UAE dirhams)

Reporting by Ateeq Shariff in Bengaluru, editing by Timothy Heritage

Our Standards: The Thomson Reuters Trust Principles.

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