Home Ethereum Focus on India – Stocks rise an inch; Bajaj Housing Finance will issue 3-year bonds; DLF Cyber ​​​​City to issue 2-year bonds

Focus on India – Stocks rise an inch; Bajaj Housing Finance will issue 3-year bonds; DLF Cyber ​​​​City to issue 2-year bonds

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Focus on India – Stocks rise an inch;  Bajaj Housing Finance will issue 3-year bonds;  DLF Cyber ​​​​City to issue 2-year bonds

REUTERS: Major Gulf stock markets were mixed in early trading on Wednesday ahead of the release of US inflation data that could signal the Federal Reserve’s appetite for more aggressive rate hikes.

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

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

IHC, which has a market capitalization of over $167 billion and assets in the fast-growing healthcare and industrial sectors, is Abu Dhabi’s most valuable publicly listed company.

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

Dubai’s main stock index fell 0.1%, hit by a 1.5% fall in its main lender, Emirates NBD.

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

According to Betterhomes, average rental prices for apartments and townhouses in Dubai rose 29% and 33% in the first half and 64% for villas as the property market continued its strong post-pandemic recovery.

Losses in the Dubai index, however, were limited by a 1.3% rise in blue-chip developer Emaar Properties.

Saudi Arabia’s benchmark added 0.1%, helped by a 0.5% gain in Al Rajhi Bank.

Oil giant Saudi Aramco has told at least four North Asian buyers it will supply full contract volumes of crude in September, sources with knowledge of the matter said on Wednesday.

Aramco shares were down 0.5%.

Qatar’s benchmark fell 0.4%, led by a 0.6% drop in Qatar Islamic Bank.

Among other losers, Salam International Investment jumped 3.8% after falling first-half profits.

Crude oil prices, a key catalyst for Gulf financial markets, fell ahead of a key US inflation report and after industry data showed US crude inventories unexpectedly rose the last week, signaling a potential hiccup in demand.

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