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Mon 16 Mar 2015 11:56 AM

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Stock markets: Dubai leads losses in gloomy Gulf

Gulf markets are lacking fresh positive catalysts and have started moving in line with oil again

Stock markets: Dubai leads losses in gloomy Gulf
Qatari investor stock exchange

Gulf stock markets fell in early trade on Monday after oil prices extended losses and Dubai's bourse dropped on negative corporate news.

Brent oil, which fell 9 percent last week, edged down 0.6 percent in Asian trade on Monday. Traders said the price falls were due to diminishing spare capacity to store excess oil as well as the strong U.S. dollar.

With the earnings season largely over, Gulf markets appear to be lacking fresh positive catalysts and have started moving in line with oil again.

Dubai's index dropped 2.3 percent as Emaar Properties, the emirate's biggest listed developer, fell 3.9 percent after it said it was not involved in a project to build a new capital city in Egypt, contrary to recent UAE and Egyptian media reports.

Bahrain's Gulf Finance House tumbled 9.3 percent after falling its daily 10 percent limit in the previous session when it proposed a capital reduction and no dividend payments for 2014.

Abu Dhabi's index fell 0.5 percent, while Qatar lost 0.7 percent, largely because of Qatar International Islamic Bank which tumbled 7.2 percent as it went ex-dividend.

Oman slipped 0.2 percent and Kuwait was down 0.5 percent.

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