Mideast Stocks: Major Gulf bourses trade mixed; Abu Dhabi at record high

Mideast Stocks: Major Gulf bourses trade mixed; Abu Dhabi at record high

Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of U.S. inflation data that could point to the Federal Reserve's appetite for more aggressive rate increases.

The Abu Dhabi index touched a record peak, rising 0.7% to 10,193 points and bolstered by a 2.1% gain in conglomerate International Holding Co (IHC), which is on course to gain for a fourth session in five.

On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.

IHC, which has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors, is Abu Dhabi's most valuable listed company.

Elsewhere, Abu Dhabi National Energy Company jumped 4%, after reporting a sharp rise in first-half net profit.

Dubai's main share index eased 0.1%, hit by a 1.5% fall in its top lender, Emirates NBD.

The bank has given most employees a pay rise of up to 8% to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter.

Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year