Mideast Stocks: Abu Dhabi gains while financials dent Saudi index

Mideast Stocks: Abu Dhabi gains while financials dent Saudi index

The Abu Dhabi stock market rose 0.4% in early trade on Sunday, supported by gains in International Holding (IHC), while the Saudi Arabian index came under pressure from declines in financial stocks. Conglomerate IHC rose 1.7%, having closed flat in the previous session after eight days of gains that started with the listing of of its Alpha Dhabi business, in which it holds a 45% stake. Separately, the initial public offering (IPO) of , the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($730 million) after the deal was priced around the middle of an indicative price range. The benchmark Saudi index fell 0.5%, with losing 0.6% and dairy business retreating by 2.5% after reporting second-quarter net profit down 25% year on year at 482 million riyals ($128.51 million). The index's losses were limited by gains at Alkhorayef Water and Power Technologies, which surged by more than 4%, extending gains from the previous session. Last week Jeddah municipality awarded the company a new 131.6 million riyal operation and maintenance contract. Dubai's main index fell 0.3%, hit by a 0.8% decline for and a 0.8% fall for sharia-compliant lender . The Qatari index edged