MIDEAST STOCKS Most Gulf bourses fall, tracking oil prices; Abu Dhabi gains

Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri//File Photo

Summary Abu Dhabi index hit a new record-high

Oil falls 4% on china virus curbs, strong dollar

Aug 9 (Reuters) – Most major stock markets in the Gulf ended lower on Monday, mirroring falling oil prices, while the Abu Dhabi index was boosted by gains in conglomerate International Holding (IHC).

Brent crude futures had fallen $2.66, or 3.9%, to $68.04 a barrel by 1212 GMT, on a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.

“Equities in the region were impacted by the oil price retreat globally and COVID uncertainties returning as a priority,” said Daniel Takieddine, senior market analyst at FXPrimus.

In Abu Dhabi, the index (.I) advanced 1%, hitting a record, with International Holding jumping 3.3% following a surge in its first-half net profit.

IHC reported net profit of 4.36 billion dirhams ($1.19 billion), up from 814 million year earlier.

The firm’s market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi’s most valuable listed company, after the market debut of Alpha Dhabi (ALPHHABI.), in which IHC holds a 45% stake. read more

Among other gainers, Abu Dhabi National Insurance Co (NIC.) leapt 6%, as the insurer reported a rise in second-quarter net.

Saudi Arabia’s benchmark index (.TASI) eased 0.2%, hit by a 2.3% fall in Saudi Basic Industries Corp (2010.SE) and a 1.5% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE), ending eight sessions of gains.

The Qatari benchmark (.QSI) lost 0.1%, with Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA), losing 1.2% and 0.3%, respectively.

Dubai’s main share index (.DFMGI) was flat, as gains in financial shares were offset by declines in property stocks.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.6%, led by a 1.7% increase in top lender Commercial International Bank (COMI.CA).

Elsewhere, Ezz Steel (ESRS.CA) finished 0.5%, after it turned to profit in the first-half.

** Kuwait was closed for a public holiday.

($1 = 3.6728 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Nick Macfie

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