Gulf markets steady as investors await Greek referendum

Gulf markets were little changed on Sunday as wary investors stuck to the sidelines ahead of the Greece referendum that is likely to determine its future in the euro zone.

Oil prices also subdued stock markets after Brent crude slid $1.75 to $60.32 a barrel on Friday, continuing a trend that has reduced oil prices by 13 per cent since early May.

“All eyes are on Greece,” said Marwan Shurrab, fund manager and head of trading at Vision Investments.

Abu Dhabi’s benchmark index was up 0.3 per cent, helped by a 5.9 per cent gain for Dana Gas on a favourable ruling from a London arbitration tribunal in its dispute with Kurdistan authorities.

Dana Gas, which leads a consortium of investors, said the tribunal confirmed long-term rights to develop and produce gas and petroleum products from the Khor Mor and Chemchemal fields and that the Kurdistan Regional Government is obliged to settle outstanding payments of $1.943bn.

The Dubai market slipped by 0.2 per cent, though shares in construction services and engineering company Drake & Scull climbed by 8.4 per cent, extending gains on pent up demand for the stock after last week’s removal of limits on ownership of its shares by nationals from the Gulf Cooperation Council.

The Qatar bourse, meanwhile, edged 0.4 per cent lower and the Oman market was broadly flat.