MIDEAST stocks Abu Dhabi hits record high

Most major stock markets in the Gulf rose in early trade on Sunday, with Abu Dhabi index hitting a record high, although Qatar bucked the trend to trade lower.

In Abu Dhabi, the index (.ADI) advanced 1.7 per cent, hitting its record high, buoyed by a 6.5 per cent jump in Emirates Telecommunications Group (Etisalat).

On Thursday, the telecoms firm reported quarterly net profit of 2.40 billion dirhams ($653.5 million), up from 2.39 billion dirhams a year earlier.

In a separate bourse filing, the firm also approved distribution of interim dividend of 40 fils per share for the first-half of 2021.

Among other gainers, First Abu Dhabi Bank (FAB.AD) gaining 0.5 per cent, on course to extend gains from the previous session.

The United Arab Emirates’ largest lender on Wednesday posted a net profit of 2.88 billion dirhams for the second-quarter, up from 2.4 billion a year earlier. read more

The bank’s net impairment charges fell 36 per cent to 677 million dirhams.

Saudi Arabia’s benchmark index (.TASI) gained 0.3 per cent, with Al Rajhi Bank (1120.SE) rising 1.4 per cent and Sahara International Petrochemical Co (2310.SE) climbing 1.8 per cent.

The petrochemical firm posted quarterly net profit of 829.9 million riyals ($221.3 million) compared to a loss of 99 million riyals year ago.

Dubai’s main share index (.DFMGI) added 0.3 per cent, led by a 1 per cent increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

On the other hand, the Dubai Financial Market (DFM.DU) retreated 3.7 per cent after reporting a sharp fall in second-quarter net profit.

The Qatari index (.QSI) eased 0.1 per cent, hit by a 1.2 per cent fall in petrochemical maker Industries Qatar (IQCD.QA).