June 1, 2017 / 7:54 AM / 8 months ago

MIDEAST STOCKS-Dana Gas continues climb on Kurdistan hopes, DAMAC drops back

DUBAI, June 1 (Reuters) - Most stock markets in the Gulf rose in early trade on Thursday, with Abu Dhabi’s Dana Gas still buoyed by hopes for payments from the Kurdistan Regional Government (KRG).

Dana added 2.4 percent, following Wednesday’s 5.1 percent jump, after news that Pearl Petroleum, a consortium involving Dana, had applied to a U.S. District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the KRG.

Abu Dhabi’s index rebounded 0.9 percent after falling 1.7 percent on Wednesday, with First Abu Dhabi Bank advancing 1.4 percent.

Dubai’s index was near flat as shares of DAMAC Properties fell back 2.0 percent. They had climbed 3.5 percent on Wednesday as passive funds flowed in ahead of its inclusion in MSCI’s emerging market index on Thursday.

Qatar’s index was also nearly flat after suffering a 1.6 percent loss in the prior session. Eight shares rose while the same number declined.

The index has been under pressure since last week’s news that Ezdan Holding, one of the largest listed shares, had received preliminary approval from shareholders to delist.

In Saudi Arabia, the index was up 0.1 percent after 45 minutes of trade. Real estate-related shares outperformed with Saudi Real Estate up 3.4 percent.

Dairy producer Almarai rose 0.9 percent to a fresh all-time high. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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