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Thu 14 Jan 2016 11:17 AM

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Markets may follow global stock rout as oil slips below $30

Arabtec tumbled 2.4%, while Drake & Scull traded down 3.4%

Markets may follow global stock rout as oil slips below $30
(Getty Images)

Stock markets: Gulf bourses follow Asian shares, oil lower

Gulf stock markets declined in early trade on Thursday as investors
cashed out after a sell-off in Asian shares, and after Brent crude oil dipped
below $30 a barrel.

Dubai's
benchmark slumped 1.7 percent. Construction firm Arabtec tumbled 2.4 percent;
the stock has outperformed its peers this year, losing only 0.8 percent.
Builder Drake & Scull traded down 3.4 percent.

Abu Dhabi's
market fell 0.6 percent with 10 of the 11 traded stocks retreating. Blue-chip
lenders which have yet to report earnings were lower with First Gulf Bank and
Abu Dhabi Islamic Bank down 0.9 and 1.2 percent respectively.

Dana Gas, the
largest listed energy company on the exchange, tumbled 2.0 percent and was the
most traded stock. On Tuesday the company said it planned to slash its head
office workforce and continue to invest in Egypt, where it expects a boost in
production.

In Qatar, the
Gulf's largest lender, Qatar National Bank , rose 0.8 percent after it reported
a 5.3 percent increase in fourth-quarter net profit to 2.58 billion riyals
($708.6 million). The average forecast of three analysts polled by Reuters had
been for a profit of 2.74 billion riyals.

Doha's index
was down 1.3 percent, taking its yearly loses to 11 percent.