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MIDEAST STOCKS-Gulf markets fall as China depresses oil
August 12, 2015 / 6:59 AM / 2 years ago

MIDEAST STOCKS-Gulf markets fall as China depresses oil

DUBAI, Aug 12 (Reuters) - Most Gulf stock markets fell early on Wednesday after oil prices extended losses on the continuing devaluation of the Chinese yuan.

Dubai’s index lost 0.9 percent with most stocks in the red. Blue chips Emaar Properties and Dubai Islamic Bank fell 1.0 and 1.3 percent respectively.

Construction and engineering firm Drake and Scull dropped 2.5 percent after it reported a 60 percent decline in second-quarter profit attributable to shareholders. The company said sentiment in the sector was bearish and its margins had come under pressure because of delays on several projects.

Abu Dhabi fell 0.8 percent and heavyweight Abu Dhabi Commercial Bank dropped 2.9 percent, while oil and gas firm Dana Gas tumbled 3.4 percent.

Qatar’s index edged down 0.7 percent and Gulf International Services, which provides drilling rigs and other services for the oil and gas sector, dropped 2 percent.

Oman’s bourse slipped 0.05 percent and Kuwait inched down 0.07 percent. (Reporting by Olzhas Auyezov; Editing by Mark Heinrich)

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