MIDEAST STOCKS Abu Dhabi hits record high; other major Gulf bourses ease

 MIDEAST STOCKS Abu Dhabi hits record high; other major Gulf bourses ease

Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

July 5 (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

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