Gulf stocks retreat in early trade on oil, global stocks

Stock markets in the Gulf retreated in early trade Sunday as investors booked profits in response to lower oil prices and a pull-back by international stock markets.

Saudi petrochemical shares were the main drag on Riyadh’s stock index, which was down 0.8 percent after 30 minutes of trade. Saudi Basic Industries lost 1.5 percent.

But Dar Al Arkan Real Estate Development remained resilient, adding 2.5 percent after a 20 percent jump last week. The stock has been strong since the developer said last week it was in talks with the government to provide housing under the kingdom’s economic reform plan.

Dubai’s index, the top performer in the region last week, lost 1.0 percent as investors booked profits. Emaar Properties and builder Arabtec were each down more than 1.8 percent.

In Abu Dhabi the index declined 0.2 percent, extending Thursday’s losses, with Dana Gas dropping 1.8 percent.

Source: Reuters