MIDEAST STOCKS Abu Dhabi index hits record high, Saudi eases | Reuters
Abu Dhabi stocks rose for a fourth straight session on Thursday to a record peak as conglomerate International Holding (IHC) firmed, while the Saudi index eased ahead of an OPEC+ meeting later in the day.
The Abu Dhabi market (.ADI) jumped 1.5% on the back of a 5.9% surge in IHC, which on Sunday became the emirate's most valuable listed firm after the listing of its unit Alpha Dhabi (ALPHADHABI.AD).
Operating in fields ranging from healthcare to agriculture, IHC has driven sharp growth in its financials by rapidly expanding across different major business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, according to IHC's annual report.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with oil giant Saudi Aramco (2222.SE) losing 0.3%.
OPEC+ is expected to discuss a potential extension of its current oil supply deal beyond April 2022 when it meets on Thursday, Reuters reported, citing two sources from the producer group.
Dubai's main share index (.DFMGI) gained 0.5%, on track to snap a three-day losing streak, with its top lender Emirates NBD (ENBD.DU) gaining 1.5%.
The Qatari benchmark (.QSI) added 0.5%. Petrochemical maker Industries Qatar (IQCD.QA) gained 1.3%, while Qatar National Bank (QNBK.QA), the Gulf's largest lender, was up 0.2%.
Meanwhile, the MSCI GCC stock index hit its since 2014, helped in part by a recovery in oil prices.
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