November 17, 2021
Markets

MIDEAST STOCKS Abu Dhabi outperforms Gulf stocks as IHC extends surge

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. REUTERS/Stringer/File Photo

June 28 (Reuters) – Abu Dhabi stocks outperformed Gulf markets on Monday, led by a 9% surge in the shares of the International Holding Company (IHC) conglomerate, which benefited from the listing of a subsidiary.

The Abu Dhabi index (.ADI) advanced 1.2%, while International Holding (IHC.AD) was up 3.4%, having jumped 15% on Sunday. IHC shares are up around 170% this year.

IHC, now Abu Dhabi’s most valuable listed company, gained after the listing of Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds a 45% stake and which operates in the healthcare, construction and hospitality sectors. read more .

Alpha Dhabi leapt over 8%.

Saudi Arabia’s benchmark index (.TASI) rose too, adding 0.2%, helped by a 0.4% gain in Al Rajhi Bank (1120.SE) and a 0.5%…

Read full article here: www.reuters.com