Profit-taking continues in Gulf stock markets

Stock markets in the United Arab Emirates and Qatar dropped in early trade Wednesday in another day of profit-taking after strong gains since mid-February.

Dubai’s benchmark fell 0.9 percent in the first hour. Dubai Investments dropped 5.0 percent and Drake & Scull was down 1.1 percent.

But some stocks that were dumped on Tuesday were bought on Wednesday, with Dubai Parks, the amusement park builder, jumping 3.8 percent, recouping all of the previous session’s losses.

Abu Dhabi’s index fell 1.5 percent, heading for a second straight day of losses as First Gulf Bank, the largest listed lender on the bourse, fell 3.3 percent after dropping more than 9 percent on Tuesday, when it went ex-dividend. Abu Dhabi Commercial Bank was also sold, falling 2.9 percent.

In Qatar, the index was down 0.7 percent as a sell-off in blue chips continued. Barwa Real Estate dropped 5.5 percent while Qatar Gas Transport fell 1.3 percent.

Source: Reuters