Sunday, 15 March 2015 18:28
DUBAI: Gulf stock markets fell in early trade on Sunday after oil prices tumbled again, while Dubai-listed Egyptian firm Orascom Construction rebounded.
Brent crude settled near a one-month low below $ 55 a barrel on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is still growing.
Dubai’s index fell 1.0 percent as most stocks declined.
Bahraini investment bank GFH tumbled its daily 10 percent limit after its board proposed no dividend payments for 2014.
GFH swung to a profit last year, but said in a statement on Sunday that it needed to address accumulated losses before it could pay dividends.
Meanwhile, Egypt’s Orascom Construction, which is listed on the smaller NASDAQ Dubai bourse, jumped 4.0 percent after dropping 12.5 percent from its initial public offer price last week on apparent selling by Egyptian investors obtaining hard currency.
The stock is dual-listed in Dubai and Cairo. Egypt’s housing minister on Friday confirmed plans to build a new administrative capital east of Cairo within five to seven years at a cost of $ 45 billion, a move that could boost the construction industry.
Abu Dhabi slipped 0.2 percent as National Bank of Abu Dhabi offset most losses, jumping 3.0 percent ahead of its dividend registration date.
Qatar’s benchmark edged down 0.4 percent. Industries Qatar, a major petrochemicals producer, was down 1.0 percent.
Oman slipped 0.2 percent, while Kuwait fell 1.1 percent.
Copyright Reuters, 2015
