Abu Dhabi leads Gulf markets higher, conglomerate IHC soars

Oct 18 (Reuters) – Most Gulf stock markets rose in early trade on Tuesday, tracking strength in Asian stocks and oil prices, with the Abu Dhabi Index outperforming the region, led by a rise in International Holding Co (IHC) (IHC . ADVERTISEMENT).

The Abu Dhabi Index (.FTFADGI) rose about 3%, its biggest intraday gain since May 2021, on the back of a 7.8% gain in conglomerate International Holding Co.

IHC, Abu Dhabi’s most valuable publicly traded company, convened a shareholders’ meeting on November 9 to seek their approval for Infinity Wave Holding to become a strategic shareholder in the company.

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International Holding will acquire Infinity’s interests in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for the issuance of a capital increase share of the Company.

IHC, which has been trading at a record high, is also seeking shareholder approval to increase its share capital to 2.19 billion dirhams ($596.26 million) from 1.82 billion dirhams.

Saudi Arabia’s leading index (.TASI) gained 1.5%, with Al Rajhi Bank (1120.SE) up 2% and the kingdom’s largest lender Saudi National Bank (1180.SE) up 3 .4% up.

Crude oil prices, a key catalyst for Gulf financial markets, rose on a weaker US dollar and supply concerns, although gains were capped by the specter of lower fuel demand from China as it maintains its strict zero-COVID policy.

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OPEC+ member nations have lined up to approve the production target cut after the White House accused Riyadh of forcing some other nations to back the move. Continue reading

Dubai’s main stock index (.DFMGI) rose 0.4%, led by a 1.2% gain in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).

The United Arab Emirates (UAE) on Monday said it fully supports Saudi Arabia in its efforts to support energy stability and security, the state-run United Arab Emirates News Agency (WAM) reported, citing a statement by the government Ministry of Foreign Affairs. Continue reading

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In Qatar, the index (.QSI) was up 0.6% as all but one stock in the index was in positive territory, including the Gulf’s largest lender, Qatar National Bank (QNBK.QA).

MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) rose 1.55% as the dramatic reversal in UK fiscal policy boosted investor sentiment.

($1 = 3.6729 UAE Dirham)

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Reporting by Ateeq Shariff in Bengaluru; Editing by Neha Arora

Our standards: The Thomson Reuters Trust Principles.

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