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MIDEAST STOCKS-Gulf mostly quiet as Abu Dhabi's Dana soars before court hearing

From Reuters - December 25, 2017

* Sharjah court was to consider Danas effort to invalidate sukuk

* But court may not issue ruling, case could drag on many months

* Dubais Union Properties surges on IPO plan for unit

* Dubai-listed Khaleeji bank plunges as Bahrain shares fall

* Saudis Najran Cement falls as it halts production line

By Andrew Torchia

DUBAI, Dec 25 (Reuters) - Gulf stock markets were mostly quiet in moderate trading volumes on Monday as Abu Dhabi-listed Dana Gas jumped ahead of a court hearing on its effort to avoid redeeming $700 million of Islamic bonds.

Abu Dhabis index edged up 0.3 percent as Dana jumped 13.2 percent; it was the markets most heavily traded stock by far.

A court in the emirate of Sharjah was expected later on Monday to hear a case in which Dana is seeking to have its sukuk declared invalid under United Arab Emirates law.

However, the Sharjah court will not necessarily issue any ruling and the hearing could be adjourned. Legal actions related to the sukuk in both Sharjah and Britain may continue for months, even years, before the case is resolved, people familiar with the case have said.

Dubais index edged up 0.2 percent as Union Properties, the most heavily traded stock, climbed 3.3 percent after saying it planned to list its ServeU facilities management unit in Dubai in the second half of 2018.

Bahrains Al Salam Bank, the second most heavily traded stock in Dubai, jumped 7.7 percent to 1.12 dirhams after a 6.1 percent gain on Sunday, when a disclosure on the Bahrain exchange showed a key person involved with the bank had bought 250,000 shares.

In Bahrain, the banks shares surged 8.5 percent to 0.115 dinar, equivalent to 1.12 dirhams.

Khaleeji Commercial Bank, another Bahraini bank which has soared in big trading volumes since it listed in Dubai last Tuesday, plunged 9.9 percent to 1.36 dirhams. Its shares in Bahrain sank 5.8 percent to 0.113 dinar, equivalent to 1.10 dirhams.

HIGHLIGHTS

SAUDI ARABIA

DUBAI

ABU DHABI

QATAR

EGYPT

KUWAIT

BAHRAIN

OMAN

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