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Mon 23 Mar 2015 11:43 AM

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Stock markets: Gulf bourses stand still as oil ends rally

Oil prices dropped after Saudi Arabia said it would not cut its output to defend prices

Stock markets: Gulf bourses stand still as oil ends rally

Most Gulf stock markets barely moved in early trade on Monday after
oil ended its rally, while Dubai builder Arabtec found some support after
falling to a 14-month low on poor fourth-quarter earnings.

Oil prices
dropped around a percentage point in early Asian trade on Monday after Saudi
Arabia repeated over the weekend that it would not unilaterally cut its output
to defend prices.

Bourses in
Dubai, Abu Dhabu and Oman were nearly flat, while the Doha index slipped 0.2
percent as Industries Qatar, whose operations include petrochemicals, fell 1.5
percent.

Arabtec, which
tumbled its daily 10 percent limit in previous session, edged down 0.4 percent
but appeared to be stabilising around its July 2014 low of AED2.35, a
major technical support. The stock went as low as AED2.28 earlier in the
session.

The company
said on Sunday it had swung to net loss of AED94.4 million ($25.7 million)
in the fourth quarter of last year. It also proposed no cash dividend, offering
a 5 percent bonus share issue instead.

Kuwait's market
fell 0.3 percent as Burgan Bank dropped 2.1 percent after going ex-dividend.

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