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Wed 25 Mar 2015 12:12 PM

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Stock markets: Gulf bourses neutral to negative in slow trade

Emaar Properties slipped 2.6%, while Dubai Parks and Resorts jumped 2.2%

Stock markets: Gulf bourses neutral to negative in slow trade

Most Gulf stock markets moved little in early trade on Wednesday in the absence of fresh catalysts or cues from the oil market, where prices have at least temporarily stabilised.

Brent crude inched up 0.1 percent on Wednesday morning, supported by strengthening European manufacturing data, while US oil edged down 0.3 percent on an inventory build-up.

Dubai's stock index fell 1.3 percent in low-volume trade which focused on real estate developer Emaar Properties , down 2.6 percent. But Dubai Parks and Resorts bucked the trend and jumped 2.2 percent.

Abu Dhabi was nearly flat, but investment firm Waha Capital jumped 4.0 percent after its shareholders approved a 0.30 dirham dividend for 2014.

Chairman Hussain Jasim Al Nowais told the meeting that Waha planned further investments in high growth sectors such as healthcare, education, energy and infrastructure, while its capital markets division was looking to expand into investment management, according to the company's statement.

Qatar's index edged down 0.4 percent because of Islamic lenders Qatar Islamic Bank and Masraf Al Rayan , down 2.5 and 1.0 percent respectively.

Oman was nearly flat, while Kuwait slipped 0.2 percent. But the country's biggest lender, National Bank of Kuwait, climbed 1.2 percent on the last day when its shares entitle their holders to a 5 percent bonus share issue.

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