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Thu 25 Dec 2014 12:45 AM

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Gulf markets pull back slightly on soft oil price

Fresh retreat of global oil prices encouraged profit-taking on the gains of the last several days

Gulf markets pull back slightly on soft oil price

(Update Dec 25, 11:16am): Gulf stock markets pulled
back slightly early on Thursday as a fresh retreat of global oil prices
encouraged profit-taking on the gains of the last several days. Oman
outperformed after positive corporate news.

The main Dubai index slid 0.6 percent in quiet
trade as property stocks slipped, with Emaar Properties down 0.5 percent.

The Abu Dhabi and Qatar markets both lost 0.3
percent, though Qatar's Barwa Real Estate continued its strong rally of recent
days, rising 1.1 percent in heavy trade.

Oman edged up 0.3 percent. Al Anwar Holdings , one
of the country's major investment holding companies focusing mainly on the
financial sector, jumped its 10 percent daily limit to 0.212 rial after its
board said it had decided to explore a potential buy-back of up to 10 percent
of its shares at a price of up to 0.223 rial per share.

Bank Dhofar was quoted higher, though it had not
yet traded, after saying it planned to boost its capital by issuing up to 115.5
million rials ($300 million) of Tier 1 capital instruments in 2015 to support
growth.

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