Conglomerate IHC drives Abu Dhabi index to record high

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

Aug 10 (Reuters) – Most Gulf markets ended higher on Wednesday, with the Abu Dhabi index hitting a record high on strong corporate earnings.

Abu Dhabi Index (.FTFADGI) It closed up 0.8% at 10,198, boosted by a 3.3% gain in International Holding Company (IHC) (IHC.AD)get four out of five sessions.

IHC is expected to increase its acquisition activity, including in India and Turkey, as turmoil in global markets creates a “buyer’s market,” its chief executive told Reuters on Wednesday. read more

The company on Monday reported a 137% year-on-year rise in first-half net profit to AED10.35 billion.

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

Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) Shares rose 2.4% after reporting a sharp rise in first-half net profit.

Saudi Arabia Benchmark Index (.one) rose 0.8%, led by Saudi British Bank up 1.4% (1060.SE).

Abdullah Al Othaim Market (4001.SE) Shares rose 4 percent after the retail chain approved the sale of its land in Al-Madinah Al-Munawarah for 211.3 million riyals ($56.21 million).

Dubai’s main stock index (.DFMGI) +0.3%, helped by blue-chip developer Emaar Properties +1.8% (Emar. You).

Dubai’s largest bank Emirates NBD (ENBD.DU) The company has raised wages for most employees by 8% to help ease the rising cost of living due to inflation, two people familiar with the matter said.

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

Emirates NBD reversed early losses to end flat.

Qatar Benchmark (.QSI) Up 0.4%, Qatar National Bank, the largest bank in the Gulf (QNBK.QA) climbed 1.9%.

On the other hand, Salam International Investment (SALM.QA) It fell 4.4% after profit fell in the first half.

Beyond the Gulf, Egypt’s Blue Chip Index (.EGX30) end flat.

Egypt’s annual urban consumer inflation accelerated to 13.6 percent in July from 13.2 percent in June, more than expected, data from Egypt’s statistics agency CAPMAS showed on Wednesday. read more

Rising global commodity prices hurt Egypt after Russia invaded Ukraine.

(1 USD = 3.7590 rials)

(1 USD = 3.6727 UAE Dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber

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