ADX outperforms major Gulf indexes
Abu Dhabi stocks outperformed other Arabian Gulf markets yesterday, led by financial services and telecoms shares, while Egypt was hit by a sell-off among blue chips.
The Abu Dhabi index advanced 0.8 per cent to 5,087 points, led by a 1.7 per cent gain by Emirates Telecommunications and a 0.7 per cent rise in the UAE’s largest bank, First Abu Dhabi Bank. International Holdings jumped 4.8 per cent. After the market closed, the aquaculture company said that it was calling off a proposed acquisition of a market-making business that had been owned by Shuaa Capital known as Shuaa Capital International. Talks about a potential merger were first announced in September.
Saudi Arabia’s benchmark index extended gains for a third day, to end 0.6 per cent higher at 8,045 points. The kingdom’s largest petrochemical maker, Saudi Basic Industries, rose 2.4 per cent. Savola Group was up 3.2 per cent. Among other stocks, Al Kathiri Holding soared 9.9 per cent, to become the top gainer on the index. The shares were moved to the main market on November 3 and have since risen by over 86 per cent.
The Dubai index closed up 0.7 per cent at 2,701 points. Emaar Properties gained 1.7 per cent; Emirates NBD was up 0.4 per cent. Air Arabia added 1.5 per cent, a day after the budget airliner announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion at the Dubai Airshow. Contractor Arabtec Holding gained 3.5 per cent after seeing its biggest fall in six months the day before on third-quarter losses. Yesterday, its Arabtec Construction unit won a Dh366 million construction contract in Egypt. After trading hours, Dubai Islamic Bank called a board meeting on November 25 to discuss its acquisition of Noor Bank. The sharia-compliant lender’s shares closed down 0.4 per cent.
The Kuwait premier market index increased 0.5 per cent to 6,309 points, Bahrain’s AllShare index rose 0.3 per cent to at 1,507 points. In Oman, the MSM 30 index was flat at 4,087 points.
Outside the Gulf, Egypt’s blue-chip index traded in the red for the second day. The index was down 0.5 per cent at 14,313 points with Commercial International Bank losing 0.3 per cent and El Sewedy Electric dropping 1.8 per cent.