September 6, 2017 / 8:08 AM / a year ago

MIDEAST STOCKS-Saudi firms on oil rebound, Abu Dhabi's Dana pulls back

DUBAI, Sept 6 (Reuters) - An overnight rebound in crude oil prices helped Saudi Arabia’s equities index outperform its regional peers early on Wednesday, while shares of Abu Dhabi-listed Dana Gas gave up some of the big gains of the past two days.

Brent oil was trading at $53.37 a barrel, slightly above its level when the Saudi market traded on Tuesday last week, just before it closed for long Eid al-Adha holidays.

All but two of the 14 listed Saudi petrochemical producers rose as the market reopened on Wednesday with Rabigh Refining and Petrochemical adding 1.3 percent. The main Saudi index rose 0.5 percent.

In Qatar, Qatar Gas Transport (Nakilat) dropped 1.5 percent after index compiler FTSE said it would move the company to its mid-cap index from its large-cap index, effective from Sept. 15. The main Qatar exchange index lost 0.7 percent.

In the United Arab Emirates, FTSE has decided to remove Union National Bank from its global equity index. Its shares were not trading on Wednesday morning but Dana Gas fell 2.6 percent on profit-taking, dragging the Abu Dhabi index 0.2 percent lower.

Dana had soared 20 percent over the previous two days on news of a deal for it to obtain overdue payments from Iraqi Kurdistan.

The Dubai index was up 0.2 percent as builder Drake & Scull, the most heavily traded stock on Wednesday morning, rose 0.8 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Toby Chopra)

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