Gulf stocks move little in pre-holiday early trade

Gulf equity markets were narrowly mixed in early trade Tuesday as investors prepared for extended holidays, with international news providing little to trade on in the morning.

Dubai’s index was flat. Most stocks were positive but property developer DAMAC and telecommunications operator du fell 0.9 and 3.0 percent respectively as the period for claiming the next dividend on the stocks ended.

News of a $100 million debt issue, however, appeared to offset some pressure on DAMAC as investors may see it as a step towards expanding the company’s business.

Abu Dhabi’s bourse climbed 0.3 percent with most blue chips posting small gains.

Qatar’s market inched 0.05 percent in mixed trade, while Kuwait’s index slipped 0.3 percent and Oman was unchanged.

Saudi Arabia’s bourse has already closed for the Eid al-Adha holiday, and most other markets in the Middle East will follow suit from Wednesday and reopen next week.

Source: Reuters