Conglomerate IHC lifts Abu Dhabi index; Dubai stocks fall

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 5 (Reuters) – Abu Dhabi index rose on Friday to become international holding company (IHC.AD) Soaring ahead of results early next week, Dubai stocks extended losses.

Equities in the region have had a mixed week this week and could face pressure in the coming days as volatility in the energy market adds to investor concerns, said Farah Mourad, senior market analyst at XTB MENA.

Abu Dhabi Index (.FTFADGI) up 1.1%, with Abu Dhabi Commercial Bank (ADCB.AD) Up 2.9% to become the country’s largest bank – First Abu Dhabi Bank (FAB.AD) – Tightening 0.5%.

Shares in the international holding company rose 2.9% to a record high ahead of half-year results due on Aug. 8.

However, Al Waha Capital slumped 4.4% to cap gains (Wow Haha.AD) This comes after the investment firm reported a second-quarter loss of 59.3 million dirhams ($16.15 million).

Dubai’s main stock index (.DFMGI) Down 0.1%, top bank Emirates NBD (ENBD.DU) Down 0.7%, low-cost carrier Air Arabia slid 1.3%.

Among other stocks, United Properties (UPRO.DU) It fell 5.7%, its biggest one-day drop since April 25, after the company reported that quarterly profit all but disappeared.

(1 USD = 3.6728 UAE Dirham)

Reporting by Mohd Edrees in Bengaluru; Editing by Aditya Soni

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