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Middle East Shares Mixed, Ezdan Holding Still Weighs on Qatar

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MidEast stocks were mixed, with Ezdan Holding dragging Qatar lower.

Ezdan is still dropping after shareholders gave last week preliminary approval for the company to delist and the exchange said it had removed Ezdan from the QSE index after Monday's close.

In other news, Dana Gas rose after an article on the website of Pearl Petroleum said Pearl, Dana and Crescent Petroleum 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. The story reportedly said documents associated with the U.S. court filing revealed Pearl was seeking another $26.5 billion in damages through a final phase of arbitration, which was expected to begin in September.

KRG said, according to Reuters, it would "continue vigorously to pursue its rights and defend its position". It has resisted legal efforts to make it pay Pearl for years, and it is not clear if the latest legal action will have a different result.

DAMAC Properties will be added to the MSCI emerging market index on Thursday.

National Shipping Co (Bahri) signed a joint venture agreement with state oil giant Aramco, London-listed Lamprell and South Korea's Hyundai Heavy Industries to build and operate a shipyard on the kingdom's east coast.

Saudi Arabia's main index was unchanged at 6,871 points, Dubai dipped 0.03% to 3,339 points, Abu Dhabi declined 1.7% to 4,427 points, Qatar dropped 1.6% to 9,901 points, Egypt added 0.8% to 13,340 points, Kuwait edged up 0.9% to 6,785 points, Bahrain was flat at 1,320 points and Oman firmed 0.4% to 5,422 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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