Mideast Stocks: Abu Dhabi bourse outperforms Gulf bourses, at record high

Mideast Stocks: Abu Dhabi bourse outperforms Gulf bourses, at record high

Most stock markets in the Gulf ended higher on Monday, with the Abu Dhabi index hitting an all-time high, while the Saudi index traded flat. The Abu Dhabi index advanced 1.1%, hitting a record high, led by a 1.7% rise in the country's largest lender First ABu Dhabi Bank and a 1.3% increase in conglomerate International Holding Co (IHC). On Thursday, IHC reported a quarterly net profit of 2.87 billion dirhams ($781.42 million), up from 958.9 million dirhams year ago. IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, became Abu Dhabi's most valuable listed company in June after the listing of subsidiary Alpha Dhabi. It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed. Dubai's main share inde added 0.2%, with Dubai Financial Market surging 9.9%, extending gains for a fifth session, triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings. The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10