MIDEAST STOCKS Abu Dhabi hits record high; other major Gulf bourses ease | Reuters
Abu Dhabi stocks rose to a record high in early trade on Monday, led by gains in International Holding (IHC) as the company continued a rally following the listing of a subsidiary.
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 (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
In Abu Dhabi, the index (.ADI) gained 1%, with International Holding (IHC.AD) advancing over 5%.
The index's gains were capped by losses at the country's largest lender, First Abu Dhabi Bank (FAB.AD), which was down 0.6%.
Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 0.4% fall in Emirates NBD Bank (ENBD.DU) and a 1.5% decline in budget airline 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 Gulf Arab state. read more
The UAE, with a population of about 9.2 million, has reported the spread of the Beta, Delta and Alpha variants in the country. read more
Saudi Arabia's benchmark index (.TASI) lost 0.3%, pressured by a 1.1% fall in Saudi Telecom Company (7010.SE) and a 0.7% drop in petrochemical company Saudi Basic Industries (2010.SE).
OPEC+ ministers were resuming talks on Monday after failing to reach a deal on oil output policy in two days of talks last week, amid a rare public standoff between Gulf allies 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 through to the end of the year to cool global oil prices that have soared to 2-1/2 year highs. Brent was trading around $76 on Monday.
The movement in oil prices is a key catalyst for the Gulf region's financial markets.
The Qatari index (.QSI) fell 0.2%, with Qatar National Bank (QNBK.QA) losing 0.3%.
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