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Sun 4 Jan 2015 10:43 AM

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Stock markets: Gulf bourses mixed in thin trade after oil falls

Investors have become less prone to panic sell-offs since Saudi Arabia announced last month a 2015 state budget which maintains spending at a high level

Stock markets: Gulf bourses mixed in thin trade after oil falls

(Updated 11:16) Gulf stock markets were
mixed in low-volume early trade on Sunday after Brent crude closed down nearly
a dollar a barrel at $56.42 on Friday.

Dubai's index fell 1.3 percent with an equal split
between gainers and losers. Heavyweight developer Emaar Properties inched down
0.1 percent, while builder Arabtec Holding, the most traded stock, fell 1.0
percent.

Abu Dhabi's bourse edged down 0.6 percent as most
blue chips declined. Abu Dhabi Commercial Bank, down 5.0 percent, was the main
drag.

Shares in energy firm Dana Gas did better than the
index and were flat at 0.5 dirham after the company said it had received $60
million from Egypt's government as part of overdue receivables totalling $212
million.

Qatar's benchmark was nearly flat and Kuwait added
0.2 percent.

Trading volumes were relatively low across the
region compared with the previous few weeks.

Although markets have become less prone to panic
sell-offs since Saudi Arabia announced last month a 2015 state budget which maintains
spending at a high level, investors may choose to stay on the sidelines until
oil prices find a floor.

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