DUBAI Dec 29 Gulf stock markets moved sideways
in early trade on Thursday with few fresh incentives, after
global bourses and oil prices lacked direction overnight.
Saudi Arabia's stock index edged down 0.1 percent in
the first 20 minutes after profit taking in some second-tier
petrochemical stocks which had surged on Wednesday. Petrochem
continued climbing, however, adding 3.0 percent.
The banking sector index outperformed slightly,
rising 0.2 percent after money supply data released late on
Wednesday showed commercial bank deposits rose to their highest
level this year in November - a fresh sign that a liquidity
crunch due to low oil prices is easing.
Dubai's stock index slipped 0.3 percent as Emaar
Properties sagged 1.5 percent. Abu Dhabi
climbed 0.4 percent on the back of a 1.4 percent surge in
National Bank of Abu Dhabi.
Qatar First Bank jumped 1.6 percent and was the
most heavily traded stock in the Qatari market, where the index
edged up 0.1 percent.
(Reporting by Andrew Torchia; Editing by Elaine Hardcastle)