Gulf bourses fall as oil, global markets weigh early trade

Bourses in the UAE and Qatar fell in early trade on Sunday after oil prices dropped back and global bourses tumbled.

Abu Dhabi’s index traded down 0.6 per cent, erasing some of Thursday’s 2.1 per cent gain. Dana Gas, a natural gas explorer, fell 2.2 per cent after adding 4.7 per cent in the previous session.

The banking sector was a mixed bag with FGB retreating 0.9 per cent but Abu Dhabi Islamic Bank adding 1.4 per cent.

Dubai’s exchange was near flat in the first 45 minutes of trade. But Emaar Properties was up 1.9 per cent; investors are waiting for the emirate’s largest developer by market value to release its quarterly results in coming days. SICO Bahrain expects Emaar to make a net profit of Dh1.1 billion in the fourth quarter of 2015, a 26 per cent jump from a year earlier.

In Qatar, the index fell 1.0 per cent with Industries Qatar trading down 3.2 per cent after the state-run petrochemical and metals producer reported a net profit of 570 million riyals for the three months to December 31. That was down from 1.62bn riyals a year earlier; SICO Bahrain and QNB Financial Services had forecast 1.16bn and 1.11bn riyals.

Blue-chip banks also sold off, with Qatar National Bank and Masraf Al Rayan trading down 1.2 and 1.0 per cent respectively.

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