FILE PHOTO: A trader is seen leaving his position during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016. REUTERS/Hamad I Mohammed/File photo FILE PHOTO: A trader is seen leaving his position during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016. REUTERS/Hamad I Mohammed/File photo

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

Thu, Sep. 14, 2017
DUBAI - 14 September 2017: 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.
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