September 24, 2017 / 8:49 AM / 10 months ago

MIDEAST STOCKS-Dana Gas down as London sukuk trial set to resume, Qatar rises

DUBAI, Sept 24 (Reuters) - Shares of Abu Dhabi-listed Dana Gas fell sharply in early trade on Sunday on news that a London court hearing on its maturing sukuk issue would go ahead, while the rest of the region was mixed.

Dana Gas lost 3.9 percent. After several delays last week, a London High Court trial on the validity of $700 million of sukuk issued by Dana will go ahead on Monday. Dana said in June it would not redeem its sukuk because they had become invalid under United Arab Emirates law.

The case is being fought in UAE and British courts, and sukuk holders have been hoping the London court will produce a ruling that effectively shuts down Dana’s legal campaign in both jurisdictions.

Escalating tension between North Korea and the United States weighed on Gulf markets in general, dragging the Abu Dhabi index 0.5 percent lower.

The Dubai index was also down 0.5 percent as 18 shares declined and only four rose.

Qatar’s index, which has been struggling to recover from declines triggered by its diplomatic rift with four Arab states in early June, was up 0.7 percent, however.

Islamic lender Masraf Al Rayan was up 3.2 percent and petrochemicals maker Industries Qatar rose 1.8 percent on Sunday morning. (Reporting by Celine Aswad; Editing by Andrew Torchia and Toby Chopra)

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