Abu Dhabi leads most Gulf markets higher

Most major Gulf stock markets rose in early trade on Sunday, with the Abu Dhabi index registering the biggest gains while Dubai bucked the trend to trade lower.

Saudi Arabia’s benchmark index (.TASI) edged up 0.2 per cent, helped by a 1.5 per cent rise for Saudi Basic Industries Corp (2010.SE).

The petrochemicals giant this month swung to a $2 billion quarterly profit and said it expects to perform strongly in the second half the year, backed by healthy demand and rising oil prices.

Elsewhere, Saudi Arabian supermarket group BinDawood Holding (4161.SE) rose 0.9 per cent despite an almost 50 per cent decline in second-quarter net profit. The sharp year-on-year drop was largely attributable to lockdown-driven buying and hoarding in the same period last year.

In Abu Dhabi, the index (.ADI) gained 0.6 per cent, with International Holding (IHC.AD) advancing 3.4 per cent to extend gains for a fifth session after strong first-half numbers.

The company’s market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi’s most valuable listed company.

Dubai’s main share index (.DFMGI) eased 0.2 per cent, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.7 per cent and sharia-compliant lender Dubai Islamic Bank (DISB.DU) shedding 0.4 per cent.

DAMAC Properties (DAMAC.DU), meanwhile, rose 0.8 per cent after narrowing second-quarter net losses.