Reuters logo
UPDATE 1-MIDEAST STOCKS-Galf markets edge down as oil drops
February 5, 2015 / 6:44 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-Galf markets edge down as oil drops

(Updates with markets open)

DUBAI, Feb 5 (Reuters) - Gulf stock markets edged down in early trade on Thursday after oil prices extended their losses, showing that the commodity remains very volatile.

Brent crude gave up small early gains and dropped 1.6 percent, trading below $54 per dollar. It had plunged 5.5 percent in the previous session.

Dubai’s stock index fell 1.1 percent as almost all traded shares declined and heavyweight developer Emaar Properties dropped 2.7 percent.

Low-cost carrier Air Arabia, up 0.6 percent, was one of the few gainers in the emirate. The company, which is set to release its fourth-quarter results soon, will benefit from cheaper fuel.

Abu Dhabi’s bourse fell 0.6 percent as shares in Dana Gas tumbled 4.1 percent. The company reported a fourth-quarter loss on Thursday that it blamed on lower oil prices.

Qatar’s index edged down 0.3 percent. Industries Qatar, the second-biggest petrochemicals firm in the Gulf, fell 1.0 percent after it posted a 4.2 percent decline in fourth-quarter net profit.

The company made a net profit of 1.60 billion riyals ($440 million) in the quarter, while analysts had on average forecast 1.62 billion riyals.

Kuwait’s market slipped 0.5 percent, while Oman inched down 0.1 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below