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MIDEAST STOCKS-Gulf edges lower on profit-taking in early trade
February 27, 2017 / 7:36 AM / 10 months ago

MIDEAST STOCKS-Gulf edges lower on profit-taking in early trade

DUBAI, Feb 27 (Reuters) - Stock markets in the Gulf were mostly slightly lower in thin early trade on Monday as there was little domestic or international news to stimulate activity.

Saudi Arabia’s index inched down 0.1 percent in the first 15 minutes. Real estate fund Riyad REIT, which jumped 9.4 percent on Sunday, was down 1.0 percent in volatile trade. There was little trading of most blue chips.

Dubai’s index edged down 0.2 percent as the largest real estate developer, Emaar Properties, fell 0.8 percent.

In Abu Dhabi, the index barely changed as blue chips moved in opposite directions. National Bank of Abu Dhabi rose 1.0 percent but Aldar Properties fell 1.2 percent.

Elsewhere, Qatar’s Gulf International Services, interests in insurance, aviation, oil and gas and catering, dropped 2.4 percent as it traded ex-dividend. Most other shares on that bourse were weak, with Ezdan Holding down 1.5 percent; the index edged 0.3 percent lower. (Reporting by Celine Aswad; Editing by Andrew Torchia and Robin Pomeroy)

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