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Abu Dhabi’s stock market outperformed the Gulf region on Tuesday, buoyed by a surge in conglomerate International Holding Co (IHC) (), while the Egyptian index extended gains for a third session.
The Abu Dhabi index (<.FTFADGI>) leapt 3%, its biggest intraday gain since May 2021, bolstered by a 8.3% jump in IHC.
The conglomerate, which closed at a record high, has called a shareholders meeting on Nov. 9, seeking approval on the entry of Infinity Wave Holding as a strategic shareholder in the company.
IHC will acquire Infinity’s shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company.
IHC, Abu Dhabi’s most valuable listed company, is also seeking shareholder approval to increase the share capital to 2.19 billion dirhams ($596.26 million) from 1.82 billion dirhams.
Saudi Arabia’s benchmark index (<.TASI>) advanced 2.1%, with Al Rajhi Bank (<1120.SE>) rising 3.1% and Retal Urban Development Co (<4322.SE>) ending 1.3% higher.
On Sunday, OPEC+ member states lined up to endorse the steep cut to its output target agreed this month after the White House accused Saudi Arabia of coercing other nations into supporting the move.
The United States last week said the cut would boost Russia’s foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.
Oil prices were stable as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand.
The Qatari index (<.QSI>) added 0.7%, led by a 1.8% gain in the Gulf’s biggest lender Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index (<.EGX30>) was up 0.2%, extending gains for a third session.
Egypt has finalised a staff-level agreement with the International Monetary Fund (IMF) on the components of its programme, and will issue an announcement “very soon,” the country’s finance minister said on Sunday.
Source: Reuters (Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)