Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Al Rajhi Bank (1120.SE) rising 0.5% and Riyad Bank (1010.SE) advancing 1.3%.
On the other hand, oil giant Saudi Aramco (2222.SE) retreated 1%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's (RELI.NS) oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Reuters reported on Monday, citing Bloomberg News. read more
In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) jumping over 3%, extending gains for a sixth session.
Last week, IHC reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams a year ago. read more
The company's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed firm, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
Dubai's main share index (.DFMGI) eased 0.1%, pressured by a 1.5% fall in blue-chip developer Emaar Properties (EMAR.DU).
"Stock markets in the GCC might encounter some headwinds this week as concerns about the global economy emerge again. The region's markets should price in the U.S. consumption retreat and the lower U.S. consumer sentiment," said Wael Makarem, senior market strategist for the MENA region at Exness.
"The effects of the U.S. slowdown should however be mitigated by the strong GCC economic fundamentals and the dynamic trade developments in the region."
The Qatari benchmark (.QSI) edged up 0.1%, helped by a 1.1% gain in Qatar Fuel Company (QFLS.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX) was up 0.2%, with Cleopatra Hospital (CLHO.CA) rising 3.1%.
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