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Gulf markets slip as oil extends losses

Gulf markets slip as oil extends lossesDUBAI: Gulf stock markets slipped in early trade on Tuesday after oil prices slid again on concern about global oversupply.

Crude prices fell towards four-month lows, dropping for a fifth straight session. Brent futures traded just above $ 53 per barrel.

Dubai’s bourse edged down 0.6 percent with most stocks in the red. Builder Arabtec fell 1.3 percent and was the most traded stock.

Bourse operator Dubai Financial Market fell 1.5 percent, having posted a 48 percent fall in second-quarter net profit on Monday as bourse turnover slumped.

Abu Dhabi inched down 0.1 percent and energy firm Dana Gas fell 1.8 percent.

Qatar’s index slipped 0.06 percent but Qatar Navigation rose 1.6 percent after it posted a 25.7 percent rise in first-half net profit, which according to Reuters calculations indicated a 69 percent increase in second-quarter earnings.

Bourses in Oman and Kuwait slipped 0.3 percent each.

Copyright Reuters, 2015

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