x Abu Dhabi, UAEFriday 28 July 2017

Gulf Finance House builds on early gains

Abu Dhabi's bourse rose yesterday after a Kuwaiti dual-listed stock announcement cheered investors.

Etisalat closed down 0.4 per cent to Dh10.75 a share yesterday. Galen Clarke / The National
Etisalat closed down 0.4 per cent to Dh10.75 a share yesterday. Galen Clarke / The National

The Kuwait-listed Gulf Finance House surged 8.2 per cent yesterday after the investment bank's chairman and major shareholder sold 7 million shares to Al Ahlia Bahrain.

Shares closed at 54 Kuwaiti dinars on the Kuwait Stock Exchange. On the Abu Dhabi Securities Exchange General Index, where the company is also listed, the stock was up 0.6 per cent to 0.73, adding to an 11.9 per cent gain on Wednesday.

The sale is worth 527,800 Bahraini dinars, at a price of 20 US cents per share, the company said in a regulatory filing yesterday.

The announcement helped lift Kuwait's index 0.7 per cent to 6,077.90 and Abu Dhabi's measure up 0.1 per cent to 2,693.27 despite concerns from local investors about the euro zone as leaders grapple with Greece's debt crisis.

Most blue-chip stocks listed in Abu Dhabi declined or were unchanged. Etisalat was down 0.4 per cent to Dh10.75 and Abu Dhabi Commercial Bank declined 0.6 per cent to Dh3.18. Aldar Properties was unchanged at Dh1.26 and Sorouh Real Estate was flat at Dh1.25.

The Dubai Financial Market General Index lost 0.1 per cent to 1,523.42.

Elsewhere in the region: Egypt's index remained flat at 5,140.24 and the bourse will be closed on Sunday for a national public holiday, and will resume trading on Monday; Bahrain's index was down 0.4 per cent to 1,303.27; Oman's measure lost 0.3 per cent to 5,942.81; Qatar's index was flat at 8,393.25; and the Saudi Tadawul was closed for the day.