Abu Dhabi outperforms Gulf markets, IHC hits record high

Oct 18 (Reuters) – Abu Dhabi stocks outperformed the Gulf region on Tuesday, boosted by a surge in International Holding Company (IHC) ()while the Egyptian index extended gains for the third consecutive session.

Abu Dhabi Index (<.FTFADGI>) It jumped 3%, its biggest intraday gain since May 2021, helped by an 8.3% rise in IHC.

The group, which closed at a record high, has held a shareholders meeting on Nov. 9 to seek approval for the addition of Infinity Wave Holding as the company’s strategic shareholder.

IHC will acquire Infinity’s stake in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for a capital increase in the company.

Abu Dhabi’s most valuable listed company, IHC, is also seeking shareholder approval to increase its share capital from AED1.82 billion to AED2.19 billion ($596.26 million).

Saudi Arabia Benchmark Index (<.TASI>) Up 2.1%, with Al Rajhi Bank (<1120.SE>) Up 3.1%, Retal Urban Development Co (<4322.SE>) It closed up 1.3 percent.

OPEC+ members lined up on Sunday to back sharp cuts to their agreed output targets this month after the White House accused Saudi Arabia of forcing other countries to support the move. read more

The U.S. said last week that the cuts would boost Russia’s foreign revenue and suggested that Saudi Arabia designed the move for political reasons, which on Sunday denied backing Moscow’s invasion of Ukraine.

Oil prices held steady as the market balanced cuts in OPEC+ production quotas with concerns over an economic slowdown and falling demand for fuel in China.

Qatar Index (<.QSI>) It rose 0.7%, with Qatar National Bank, the largest bank in the Gulf, up 1.8% ().

Beyond the Gulf, Egypt’s Blue Chip Index (<.EGX30>) It rose 0.2%, rising for a third straight session.

Egypt has finalized a staff-level agreement with the International Monetary Fund (IMF) on the components of its plan and will make an announcement “soon”, Egypt’s finance minister said on Sunday. read more

(1 USD = 3.6729 UAE Dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber

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