Gulf stock markets lower in early trade

Stock markets in the Gulf fell moderately in early trade on Monday with few fresh, positive factors to trigger buying.

Dubai’s index lost 0.9 per cent in the first hour. Emaar Properties rose at the opening but subsequently dropped 0.9 per cent; on Sunday, it reported a 17 per cent rise in first-quarter net profit to Dh1.21 billion. SICO Bahrain had forecast Dh1.22bn.

GFH Financial fell 1.1 per cent after it said it had signed a preliminary letter of intent with Abu Dhabi’s Eshraq Properties, under which GFH might sell real estate assets to Eshraq in exchange for Eshraq shares. Eshraq dropped 2.4 per cent and was Abu Dhabi’s most heavily traded stock.

Dubai Financial Market slid 3.4 per cent after reporting a 27 per cent rise in first-quarter net profit on the back of an increase in trading activity.

Abu Dhabi’s index lost 1.0 per cent as banks continued falling after last week’s disappointing earnings, but Abu Dhabi National Energy gained 1.6 per cent in unusually heavy trade.

Qatar’s index fell 0.6 per cent with decliners outnumbering advancers by more than two to one.

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