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MIDEAST STOCKS-DXBE leads Dubai higher; Qatar up but most of Gulf moves little
June 14, 2017 / 7:52 AM / 3 months ago

MIDEAST STOCKS-DXBE leads Dubai higher; Qatar up but most of Gulf moves little

DUBAI, June 14 (Reuters) - Gulf stock markets were mostly little changed on Wednesday, although amusement park operator DXB Entertainments led Dubai higher and Dana Gas continued its surge in Abu Dhabi, while Qatar’s bourse recovered modestly.

Dubai’s index rose 0.5 percent as DXBE, which has been hit by disappointing visitor numbers at its parks, climbed 6.1 percent after announcing a new management structure.

It said strategy and business development would be incorporated into a newly structured finance function, and that John Ireland had been appointed chief financial officer.

Abu Dhabi’s index was flat but Dana was up 4.4 percent at 0.72 dirhams in heavy trade, after jumping its 15 percent daily limit on Tuesday. It was off an intra-day high of 0.77 dirham.

The company proposed on Tuesday restructuring its $700 million of outstanding Islamic bonds at much cheaper rates; on Wednesday, it said it had obtained an injunction in a Sharjah court blocking claims on its existing sukuk.

Saudi Arabia’s index edged up 0.1 percent. Gulf Union Cooperative Insurance added 2.6 percent after jumping its 10 percent daily limit on Tuesday, when it said it had cut its accumulated losses to 20 percent of capital from 33.5 percent.

Qatar’s index, beaten down by the economic sanctions against Qatar by other Gulf Arab states, rebounded 0.4 percent in a broad-based rally; 23 stocks gained and only seven dropped. (Reporting by Andrew Torchia, editing by Louise Heavens)

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