Gulf stock markets inch lower in early trade

Gulf stock markets edged down in early trade Sunday as investors took profits, encouraged by a dip in Brent oil futures at the end of last week.

Riyadh’s stock index lost 0.2 percent, weighed down by the petrochemical sector. Saudi Basic Industries, the largest listed stock by market value, was down 0.6 percent.

But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with Jarir Marketing up 0.2 percent. Shares in the company are however down 6.4 percent since last month.

Dubai’s index edged down 0.1 percent in thin trade as investors sold across the board. Emaar Properties and builder Drake & Scull fell 0.7 and 0.9 percent respectively.

Dana Gas and Etisalat were the main drags on Abu Dhabi’s index, which fell 0.3 percent. Shares in the natural gas explorer and blue-chip telecommunications operator were down 1.9 and 0.9 percent.

Source: Reuters

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