Middle East Shares Mostly Higher

MidEast stocks mostly advanced, with Abu Dhabi supported by gains in Dana Gas on hopes for payments from the Kurdistan Regional Government (KRG). Earlier in the week, 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. KRG has resisted legal efforts to make it pay Pearl for years and it was not clear if the latest legal action would have a different result, according to Reuters. Volumes were generally weaker though due to the Ramadan holiday.

Saudi Arabia’s main index dipped 0.1% to 6,864 points, Dubai firmed 0.4% to 3,352 points, Abu Dhabi jumped 1.2% to 4,479 points, Qatar inched up 0.4% to 9,940 points, Egypt gained 1% to 13,467 points, Kuwait rose 0.4% to 6,813 points, Bahrain added 0.4% to 1,325 points and Oman edged up 0.3% to 5,435 points.

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