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Stock news: Gulf markets fall on oil, Greece

Stock news: Gulf markets fall on oil, Greece

Brent crude dropped below $60 a barrel to its lowest since mid-April after Greeks voted ‘No’ in their bailout referendum

Gulf equities slipped in early trade on Monday in response to another slide in oil prices, as Brent crude dropped below $60 a barrel to its lowest since mid-April, and to unstable global markets after Greeks voted ‘No’ in their bailout referendum.

Dubai’s stock index slid 0.9 per cent as Amlak Finance, the most heavily traded stock, lost 2.7 per cent. Drake & Scull, which had surged in the previous two days after removing ownership limits for Gulf nationals, pulled back 2.3 per cent.

Abu Dhabi edged up 0.1 per cent.

Most active stocks fell but Dana Gas, which had soared 13.7 per cent on Sunday after saying it had obtained a favourable ruling from a London arbitration tribunal in a payment dispute with Kurdistan, added a further 8.6 per cent.

Investors appeared to ignore a statement late on Sunday by Kurdistan’s Ministry of Natural Resources, which described Dana’s statement as “highly misleading to the market” and said it created an impression that was “both inaccurate and incomplete”.

Qatar’s index edged down 0.2 per cent with Barwa Real Estate dropping 0.6 per cent. Barwa announced a five-year business plan targeting a return on equity of no less than 15 per cent to the end of 2020.

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