Gulf stocks mixed; blue chips lift Abu Dhabi

Stock markets in the Gulf were mixed on Monday, with Abu Dhabi’s main index rising as key stocks advanced.

Abu Dhabi’s general index gained 1.2 percent to reach 4,544 points. Telecom operator Etisalat added 0.6 percent to AED 17.8 and First Abu Dhabi Bank (ticker: NBAD) jumped 2.8 percent to AED 11.05.

Eshraq Properties rose 1.8 percent to AED 1.14. The realtor said it is tying up with Mubadala Development Co. to explore development opportunities on Al Maryah Island and Reem Island in Abu Dhabi.

In Dubai, two of the biggest contractors rallied, nudging the main index up 0.3 percent at 3,464 points.

Arabtec Holding rose 3.2 percent to AED 0.837. The loss-making construction firm has hired a new chief financial officer, Peter Pollard, to oversee its capital restructuring plans. Arabtec’s general assembly is also scheduled for Tuesday, where it will seek shareholders’ approval for its AED 1.5 billion rights issue.

Drake and Scull International gained 1.2 percent to reach 0.425. Heavyweight lender Dubai Islamic Bank rose 1.6 percent to AED 5.85.

Elsewhere in the region, Qatar’s QE Index fell 0.9 percent to 10,337 points, while Kuwait’s price index was down 0.7 percent at 6,919 points.

Saudi Arabia’s Tadawul All Share Index was last trading slightly lower.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com