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Mon 29 Dec 2014 11:58 AM

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Stock markets: Gulf bourses mixed as oil stays below $60

Dubai, Abu Dhabi and Kuwait declined, while Qatar rose and Oman remained flat

Stock markets: Gulf bourses mixed as oil stays below $60

Gulf stock markets were mixed in early trade on Monday after gaining strongly in the two previous sessions on the back of Saudi Arabia's 2015 budget, which maintained government spending at a high level.

Brent crude edged up early on Monday due to supply disruptions in Libya, but still traded just below $60 per barrel.

Dubai's index fell 0.8 percent after jumping 2.6 percent on Sunday. Developer Emaar Properties pulled back 1.0 percent and builder Arabtec, which was the most traded stock, fell 1.2 percent.

Shares in retail start-up Marka fell 2.1 percent, having surged 12.0 percent in the previous session on news of an acquisition that would make the company profitable on an operating basis in 2015.

Abu Dhabi's index edged down 0.3 percent as lenders First Gulf Bank and Union National Bank pulled back 0.9 and 1.5 percent respectively.

Qatar's benchmark rose 0.5 percent. Shares in drilling rig provider Gulf International Services surged 6.4 percent after the company's shareholders approved a series of amendments to its articles of association to streamline corporate governance.

Oman's bourse was flat while Kuwait edged down 0.5 percent.

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