*** ----> Dana Gas lifts Abu Dhabi; some Saudi blue-chips advance | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Dana Gas lifts Abu Dhabi; some Saudi blue-chips advance

Dubai : Gulf stock markets were generally little changed on Sunday, though Abu Dhabi’s Dana Gas surged on news of plans for its first annual dividend for several years.

The Abu Dhabi index rose 0.8 per cent as Dana Gas jumped 8.3pc after the board said it would seek shareholder approval for a cash dividend for 2017 totalling 5pc of capital, or about 349 million dirhams ($95m).

By diverting money to shareholders, the plan could complicate Dana’s dispute with bondholders after the company’s decision not to redeem $700m of sukuk that it said had become unlawful after changes in Islamic finance.

In Dubai, real estate business Deyaar Development was the best performer and most heavily traded stock, gaining 2.5pc to 0.487 dirhams as it bounced from technical support on the November 2017 low of 0.470 dirhams.

But Dubai’s index fell by 1.1pc as blue-chip Emaar Properties, hit by the slump in the emirate’s real estate market, dropped 2.7pc to a 21-month closing low of 5.73 dirhams.

Egyptian investment bank Naeem Holding traded thinly on its listing in Dubai. It closed at 2.40 dirhams, having traded in Cairo at the end of last week at $0.65, equivalent to 2.39 dirhams. In Cairo on Sunday the stock slipped to $0.64.

The Saudi index closed almost flat but petrochemicals company Saudi Basic Industries, which has been attracting foreign money on Riyadh’s expected entry to emerging market indexes, gained 0.9pc.

Another favourite of foreign investors, Al Rahji Bank , rose 0.7pc while Samba Financial Group strengthened 1.3pc..

The Qatari index shed 0.8pc, pulled down by a 3pc decline for Qatar First Bank, the most heavily traded stock.