Stock News: Gulf Markets Retreat As Oil, Global Stocks Fall

Gulf stocks markets slipped in early Monday trade after Greece’s election results put pressure on oil and global equities.

Brent crude traded just above $48 per barrel as Greek left-wing party Syriza appeared on course to trounce the ruling conservatives in Sunday’s snap election, setting up a possible confrontation with international creditors.

Asian shares edged down and European and U.S. benchmarks were also expected to fall.

Dubai’s index fell 1.6 per cent as most stocks retreated.

Shares in property firm Deyaar Development tumbled four per cent.

Other real estate names also fell: Emaar Properties was down 1.4 per cent and Union Properties dipped 0.8 per cent.

Abu Dhabi’s index fell 1.2 per cent and shares in Abu Dhabi Islamic Bank (ADIB) tumbled their daily 10 per cent limit.

On Sunday, the ADIB reported results that were broadly in line with estimates and proposed a nearly flat dividend payout. But investors may have hoped for a positive surprise as the stock had gone up 14 per cent this month.

Some stocks, such as Abu Dhabi Commercial Bank and Qatar Electricity and Water Co, down one and three per cent respectively, fell despite estimate-beating earnings reports.

Benchmarks in Qatar and Kuwait slipped 0.3 per cent each, while Oman was nearly flat.