Main Gulf exchanges trade mixed; Abu Dhabi hits record high

A trader looks at an electronic board showing Bahrain Exchange stock market data after Joe Biden won the U.S. presidency in Manama, Bahrain, on November 8, 2020. REUTERS/Hamad I Mohammed

Aug 10 (Reuters) – Major Gulf stock markets were mixed in early trade on Wednesday as U.S. inflation data could signal the Federal Reserve’s appetite for more aggressive interest rate hikes.

Abu Dhabi Index (.FTFADGI) Hit a record high, up 0.7% to 10,193, buoyed by a 2.1% rise in International Holding Company (IHC) (IHC.AD)which will get a fourth in five sessions.

On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.

With a market capitalization of more than $167 billion and assets in the fast-growing healthcare and industrial sectors, IHC is Abu Dhabi’s most valuable public company.

Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) Shares rose 4% after reporting a sharp rise in first-half net profit.

Dubai’s main stock index (.DFMGI) Down 0.1%, hurt by a 1.5% drop in its biggest bank Emirates NBD (ENBD.DU).

Citing two sources familiar with the matter, Reuters said on Tuesday that the bank had increased the pay rise for most employees to 8 percent to help ease the rising cost of living. read more

According to Betterhomes, average rents for apartments and townhouses in Dubai rose 29% and 33% in the first half of the year, while average rents for villas rose 64%, as the property market continued its strong post-pandemic recovery.

However, losses in the Dubai index were limited by a 1.3% rise in blue-chip developer Emaar Properties. (Emar. You).

Saudi Arabia Benchmark Index (.one) Up 0.1%, helped by Al Rajhi Bank up 0.5% (1120.SE).

Oil giant Saudi Aramco (2222.SE) The company has told at least four North Asian buyers that it will supply the full contracted volume of crude in September, people familiar with the matter said on Wednesday. read more

Shares in Saudi Aramco fell 0.5%.

Qatar Benchmark (.QSI) Down 0.4%, dragged by Qatar Islamic Bank’s 0.6% decline (QISB.QA).

Among other losers, Salam International Investment (SALM.QA) It rose 3.8% after profit fell in the first half.

Crude oil prices, the main catalyst for Gulf financial markets, fell ahead of a key U.S. inflation report, and industry data showed a surprise build in U.S. crude inventories last week, suggesting a potential swing in demand.

(1 USD = 3.6727 UAE Dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Bradley Perret

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