November 17, 2021

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%…

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