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MIDEAST STOCKS-Gulf moves sideways early on, UAE's Dana resumes rise
September 7, 2017 / 7:55 AM / 13 days ago

MIDEAST STOCKS-Gulf moves sideways early on, UAE's Dana resumes rise

DUBAI, Sept 7 (Reuters) - Gulf stock markets moved sideways in quiet, early trade on Thursday with very little news to stimulate activity, although Abu Dhabi-listed Dana Gas resumed rising sharply.

Dubai’s index edged down 0.1 percent with five of the 10 most heavily traded stocks rising slightly and five falling moderately. The most active stock, GFH Financial , rose 1.1 percent.

Dana surged 5.2 percent to a three-year high of 0.81 dirham.

It had risen sharply on Monday and Tuesday in response to its deal to receive hundreds of millions of dollars in payments from the government of Iraqi Kurdistan, but then stalled on Wednesday. The Abu Dhabi index edged up 0.2 percent early on Thursday.

The Saudi index edged up 0.1 percent; ranges were narrow and the numbers of advancing and declining stocks were almost balanced.

Qatar’s index was up 0.1 percent as industrial conglomerate Aamal, which had slumped 4.4 percent on Wednesday after index compiler FTSE said it would delete the stock from its all-world index, fell a further 1.0 percent. (Reporting by Andrew Torchia; Editing by Keith Weir)

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