February 14, 2017 / 8:31 AM / a year ago

MIDEAST STOCKS-Dana Gas, Aldar support Abu Dhabi, Drake & Scull weighs on Dubai

DUBAI, Feb 14 (Reuters) - A decline in builder Drake & Scull weighed on the Dubai bourse in early trade on Tuesday, while Abu Dhabi was supported by a blue chip real estate firm’s earnings and an arbitration judgement in favour of Dana Gas.

Abu Dhabi’s Aldar Properties rose 0.4 percent after the company made a net attributable profit in the three months to Dec. 31 of 727.9 million dirhams ($198.2 million). This was down 0.9 percent from the same period in 2015 but at the higher end of forecasts; SICO Bahrain had forecast 496 million dirhams and EFG Hermes 849 million dirhams.

Dana Gas rose 2.1 percent after saying a consortium including it was awarded $121 million by a London arbitration tribunal in its dispute with the Kurdistan Regional Government, while the court dismissed the government’s counterclaims. Abu Dhabi’s index was up 0.2 percent. Dubai’s Drake & Scull was down 1.1 percent after slumping as much as 8 percent in the opening minutes of trade. It swung to a net loss in the fourth quarter of 490 million dirhams, versus a profit of 14.7 million dirhams in the prior-year period.

DSI said that as part of its turnaround and capital restructuring plan, it was considering proposing a rights issue of 500 million dirhams in equity to a strategic investor, and that it had secured a binding offer from a local investment firm.

Saudi Arabia’s general index was nearly flat after an hour of trade. The largest listed stock, Saudi Basic Industries added 0.5 percent, outperforming most petrochemical shares.

Qatar’s stock market is closed for a public holiday. (Reporting by Celine Aswad; Editing by Andrew Torchia and Gareth Jones)

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