Mideast Stocks: Abu Dhabi bourse rebounds as IHC extends gains
Stock markets in the United Arab Emirates rebounded on Friday, a day after the index retreated on worries about the impacts of the global inflation.
In Abu Dhabi, the index gained 0.9%, buoyed by a 2.8% rise in conglomerate International Holding Co (IHC) . IHC, which rose for a fifth session in a row, on Tuesday announced the completion of a 7.3-billion dirham ($1.99 billion) investment deal for three Adani companies. The Abu Dhabi index posted a weekly gain of 4.7%, the first in four weeks.
The index continued to rise as investors ready themselves for the initial public offering (IPO) of Borouge next month, said Fadi Reyad, Market Analyst at CAPEX.com. According to Reyad this new listing could impact investors' appetite for risk. Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis plan an initial public offering of their petrochemicals joint venture Borouge, the latest step in the Abu Dhabi state energy group's asset monetisation programme.
Dubai's main share index edged up 0.1%, helped by a 1.5% increase in sharia-compliant lender Dubai Islamic Bank.
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