Tadawul All-Share Index

associated with the US 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.

In a statement, the KRG said 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.

Profit- taking hit most Abu Dhabi blue chip shares, taking the index down 1.7 percent. First Abu Dhabi Bank retreated 3.7 percent, its biggest single-day decline since it was formed by a merger on April 1.

The Dubai index was almost flat as 12 shares gained ground and 19 declined.

Small and mid-sized companies generally outperformed again, with Islamic Arab Insurance jumping 6 percent.

DAMAC Properties climbed 3.5 percent. It will be included in the MSCI emerging market index on Thursday, so passive index- linked funds were expected to flow into it on Wednesday.

In Egypt, constituents of the MSCI emerging market index buoyed the local blue- chip index, which climbed 0.8 percent. Commercial International Bank advanced 3.9 percent and Global Telecom Holding rose 1.4 percent.

Real estate developer Talaat Mostafa Group rose 2.7 percent and investment bank EFG Hermes, which will replace it in MSCI’s emerging market index on Thursday, fell 1.9 percent.

EFG had gained sharply and Talaat Mostafa had dropped since the index change was announced in mid-May.