DUBAI Jan 2 Gulf stock markets were mixed in
early trade on Monday as most reopened after the New Year, with
some investors yet to return from holidays.
Oman fell after authorities announced a tight budget for
Dubai's index edged up 0.4 percent as much activity
focused on speculative stocks including Islamic Arab Insurance
, which jumped 14.2 percent and was the most heavily
Abu Dhabi fell 0.5 percent, partly due to a 5.7
percent slide in Abu Dhabi National Energy.
Qatar edged down 0.1 percent as Islamic bank Masraf
Al Rayan dropped 0.5 percent after saying it would
suspend the activities and licence of its brokerage business, Al
Rayan Financial Brokerage Co. It said the brokerage's paid-up
capital represented just 0.06 percent of the bank's total
Saudi Arabia's index gained 0.3 percent with
petrochemicals lagging slightly. Travel agency Al
Tayyar, which climbed 7.4 percent on Sunday in
unusually heavy trade, added a further 3.8 percent.
Oman's index dropped 0.5 percent after the government
released a 2017 budget plan on Sunday that projected a smaller
deficit but included fresh austerity steps and tight curbs on
spending because of low oil prices.
Oman Telecommunications dropped 1.4 percent after
tumbling 4.3 percent on Sunday in response to a hike in the
royalty that it must pay the government. Ooredoo Oman
fell 0.7 percent after plunging 7.9 percent on Sunday.
(Reporting by Andrew Torchia; editing by John Stonestreet)