September 14, 2017 / 6:49 AM / a year ago

MIDEAST STOCKS-Region may firm as oil trades near 5-month high

DUBAI, Sept 14 (Reuters) - Stock markets in the region may firm on Thursday as oil rose overnight to a five-month high; Brent crude is trading at $55.01 a barrel in Asian trade, after rising 1.6 percent on Wednesday.

This could aid Saudi Arabian petrochemical shares in particular. The Saudi stock index, last at 7,380 points, has been in an uptrend channel since mid-August.

Holders of about $700 million of Islamic bonds issued by Abu Dhabi-listed Dana Gas have submitted a proposal to restructure the sukuk to the company’s management, in an effort to end the dispute over Dana’s refusal to redeem them, a committee for the holders said on Wednesday.

A source close to Dana called the proposal unnacceptable, however, and it is not clear that it will change the stand-off over the bonds. A court hearing of the case in London is due to start next week. Dana has not issued a statement on the proposal to the Abu Dhabi exchange. (Reporting by Celine Aswad; Editing by Andrew Torchia)

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