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MIDEAST STOCKS-Abu Dhabi leads most major Gulf markets higher in early trade

05/09/2021 04:07
MIDEAST STOCKS-Abu Dhabi leads most major Gulf markets higher in early trade

- Most major Gulf stock markets rose in early trade on Sunday, with aquaculture firm International Holding continuing to support the Abu Dhabi index.

The index .ADI increased 0.7%, with First Abu Dhabi Bank FAB.AD, the country's largest lender, rising 0.7%, whereas International Holding IHC.AD climbed over 1%, on track to extend gains for a fourth consecutive session.

International Holding posted 1.5 billion dirhams ($408.4 million) of profit in the first quarter compared with 112.2 million dirhams a year earlier. nFWN2MS1N1

The company's board also approved acquiring stake in four companies through its units. nFWN2MS1MZ

Elsewhere, telecoms firm Etisalat ETISALAT.AD was up 0.5%.

The Abu Dhabi-based telecoms operator Etisalat is set to raise 1 billion euros ($1.22 billion) in dual-tranche bonds on Thursday, Reuters reported, citing a document from one of the banks leading the deal. nL1N2MT0HB

Saudi Arabia's benchmark index .TASI added 0.3%, with Jabal Omar Development 4250.SE, one of Saudi Arabia's largest listed property developers, rebounding over 3%.

In the previous session, the developer retreated following a news report saying that the kingdom is considering barring overseas pilgrims from the annual haj for the second year running as COVID-19 cases rise globally and worries grow about the emergence of new variants. nL8N2MR6NV

In Dubai, the main share index .DFMGI rose 0.7%, buoyed by

gains in property shares. Emaar Properties EMAR.DU, Dubai's biggest developer, advanced 1.8%, while its shopping centre unit Emaar Malls EMAA.DU traded 2.6% higher.

Dubai's tourism chief last week said he was very optimistic business and leisure travellers would return this year, though the pandemic made it difficult to predict exactly how many. nL8N2MR2Z1

In Qatar, the benchmark .QSI eased 0.1%, hit by a 0.8% fall in petrochemical firm Industries Qatar IQCD.QA.

($1 = 0.8222 euros)

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru)

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