PHOTO
DUBAI - Shares of Abu Dhabi-listed Dana Gas
After several delays last week, a London High Court trial on the validity of $700 million of sukuk issued by Dana will go ahead on Monday. Dana said in June it would not repay holders of its Islamic bond, or sukuk, because it had become invalid under United Arab Emirates law.
The case is being fought in UAE and British courts, and sukuk holders have been hoping the London court will produce a ruling that effectively shuts down Dana's legal campaign in both jurisdictions. The uncertainty knocked Dana's shares 5.1 percent lower on Sunday.
"When creditors and shareholders are at odds in a legal hearing, this sends a bad signal," said a regional fund manager.
Escalating tensions between North Korea and the United States weighed on Gulf markets in general, dragging the Abu Dhabi index
The Dubai index
Shares favoured by foreign funds weighed on Egypt's blue-chip index
Qatar's index
The Qatari index gained for a fourth straight day, suggesting it may have bottomed after a steep slide due to the decision of four Arab states in June to cut ties with Doha.
Most banking shares rose on Sunday; Islamic lender Masraf Al Rayan
The Saudi Arabian
HIGHLIGHTS
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
BAHRAIN
* The index
(Editing by Andrew Torchia/Keith Weir) ((celine.aswad@thomsonreuters.com)(+971 5 6224 7653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))