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Sun 6 Dec 2015 04:13 PM

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Stock markets: Gulf bourses slip after oil price drop

Emirates NBD see-sawed, having been up more than 5% in early trade before slipping 1.3% lower

Stock markets: Gulf bourses slip after oil price drop

Gulf markets declined on Sunday following a renewed slump in oil prices.

Brent crude dropped 2 percent on Friday to $43 per barrel after an OPEC policy meeting in Vienna failed to agree on a new production quota.

Dubai's stock index declined 1.4 percent, resuming trading after a five-day holiday.

Emirates NBD see-sawed, having been up more than 5 percent in early trade before slipping 1.3 percent lower as of 0908 GMT. Other financial stocks also retreated, with Dubai Islamic Bank down 4.7 percent and Amlak Finance losing 3.5 percent.

Abu Dhabi's index slid 1.1 percent. Etisalat , the newest Emarati constituent in MSCI's emerging market index, tumbled 5.2 percent after surging 10 percent the previous session.

National Bank of Abu Dhabi (NBAD) climbed 5.2 percent, having dropped 11.6 percent last week. First Gulf Bank rose 2.5 percent.

The Qatar and Kuwait benchmarks each slipped 0.2 percent.

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