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MIDEAST STOCKS-Gulf falls on oil, Greece; Dana Gas continues surge
July 6, 2015 / 7:03 AM / 2 years ago

MIDEAST STOCKS-Gulf falls on oil, Greece; Dana Gas continues surge

DUBAI, July 6 (Reuters) - Gulf equities slipped in early trade on Monday in response to another slide in oil prices, as Brent crude dropped below $60 a barrel to its lowest since mid-April, and to unstable global markets after Greeks voted ‘No’ in their bailout referendum.

Dubai’s stock index slid 0.9 percent as Amlak Finance, the most heavily traded stock, lost 2.7 percent. Drake & Scull, which had surged in the previous two days after removing ownership limits for Gulf nationals, pulled back 2.3 percent.

Abu Dhabi edged up 0.1 percent.

Most active stocks fell but Dana Gas, which had soared 13.7 percent on Sunday after saying it had obtained a favourable ruling from a London arbitration tribunal in a payment dispute with Kurdistan, added a further 8.6 percent.

Investors appeared to ignore a statement late on Sunday by Kurdistan’s Ministry of Natural Resources, which described Dana’s statement as “highly misleading to the market” and said it created an impression that was “both inaccurate and incomplete”.

Qatar’s index edged down 0.2 percent with Barwa Real Estate dropping 0.6 percent. Barwa announced a five-year business plan targeting a return on equity of no less than 15 percent to the end of 2020. (Reporting by Andrew Torchia; editing by John Stonestreet)

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