Gulf bourses pull back after oil tumbles
Brent oil is back around $55 per barrel after a loss of as much as 3 percent on Wednesday
Gulf bourses pulled back in quiet, early trade on Thursday after a fresh tumble by the oil price encouraged further profit-taking from strong gains posted in the last few weeks.
Brent oil is back around $55 per barrel after a loss of as much as 3 percent on Wednesday. Meanwhile, Asian equities are lower because of concern over the Greek debt negotiations.
Many Gulf markets had already started pulling back in the last couple of days. Dubai’s index was down a further 0.6 percent after nearly an hour of trade on Thursday while Abu Dhabi was off 0.03 percent.
Air Arabia dropped 1.2 percent ahead of a board meeting which will be held after trading hours to approve earnings that are expected to benefit from lower oil prices.
Abu Dhabi’s Aldar Properties slipped 0.4 percent even though the company posted an estimate-beating 61 percent rise in fourth-quarter net profit and proposed a dividend of 0.09 dirham per share for 2014, up from 0.07 dirham for 2013.
Qatar’s index slipped 0.7 percent on broad-based profit-taking, with Industries Qatar down by a similar margin.
However, Barwa Real Estate gained 1.0 percent after sharp losses in the previous two days.