ABU DHABI up 0.4% to 9,907 DUBAI down 0.5% to 3,420
(Reporting by Mohd Edrees in Bengaluru; Editing by Sonia
Cheema)
By Mohd Edrees
March 3 (Reuters) - Stocks in Abu Dhabi gained on Friday
after flagship oil firm Abu Dhabi National co, also known as
Adnoc, set the price of its gas business IPO near the top-end of
the range, although Dubai bucked the trend.
Abu Dhabi National Oil Co on Friday set the final price for
Adnoc Gas' IPO at 2.37 dirhams per share, valuing the company at
about $50 billion.
Adnoc Gas will raise roughly $2.5 billion out of an order
book that topped $124 billion, making it the largest IPO in Abu
Dhabi.
The company is expected to begin trading on March 13.
In Abu Dhabi, the index advanced 0.4%, extending
gains to the fourth session, as UAE's largest listed firm,
International Holding Company jumped 1.3%, while Marine
Construction firm National Marine Dredging Company climbed 2%.
Among gainers, Adnoc Drilling Company rose
2.4% after the firm signed an agreement to purchase 10 newbuild
hybrid power land drilling rigs for $252 million.
Sentiment in Abu Dhabi's markets could lean on the bright
side, thanks to improving activity in non-oil sectors as well as
the success of Adnoc Gas’ IPO, said Fadi Reyad, Chief Market
Analyst at CAPEX.com MENA.
Dubai's main market index , however, settled 0.5%
lower, dragged by losses in banking sector stocks.
Top lender Emirates NBD Bank plunged 4.1% and
Mashreqbank tumbled 5.3% as both stocks were trading
ex-dividend.
Separately, the United Arab Emirates' economy expanded 7.6%
last year, a senior official said on Thursday, about double the
rise in gross domestic product (GDP) recorded in 2021 as the
Gulf state rebounded sharply from the Covid-19 pandemic.
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