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MIDEAST STOCKS-Gulf markets edge down in early trade
February 21, 2016 / 7:18 AM / 2 years ago

MIDEAST STOCKS-Gulf markets edge down in early trade

DUBAI, Feb 21 (Reuters) - Gulf stock markets edged down in early trade on Sunday after oil prices pulled back on Friday, as prospects for a deal among crude producers to cap output faded.

The Dubai stock index was 0.2 percent lower after 45 minutes as Emaar Properties lost 1.1 percent.

However, construction firm Arabtec climbed 3.7 percent after it reported a net loss of 360 million dirhams ($98.02 million) for the three months to Dec. 31, compared with a loss of 94.4 million dirhams a year earlier.

An analyst at SICO Bahrain had forecast Arabtec would make a quarterly net loss of 123.6 million dirhams in the latest quarter. However, investors may have been encouraged by the fact that the firm’s loss narrowed sharply from a 944.8 million dirham shortfall in the third quarter of 2015.

Abu Dhabi’s index also edged down 0.2 percent as several blue-chip banks and real estate firms were soft.

Qatar was down 0.3 percent as Mesaieed Petrochemical dropped 1.1 percent. However, Qatar Gas Transport Co (Nakilat) added 1.3 percent after posting a 12.1 percent rise in fourth-quarter net profit to 226 million riyals ($62 million) - although that was lower than the 271.1 million riyals which QNB Financial Services had forecast. (Reporting by Andrew Torchia; editing by Susan Thomas)

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