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Stock News: Gulf Markets Stall As Oil Gives Up Gains

Stock News: Gulf Markets Stall As Oil Gives Up Gains

Dubai’s stock index fell 0.8 per cent as most stocks declined.

Gulf stock markets consolidated with a negative bias in early trade on Monday as oil prices gave up early gains.

Brent oil traded flat by 0650 GMT while U.S. crude edged down 0.4 per cent on worries about oversupply in North America.

Dubai’s stock index fell 0.8 per cent as most stocks declined. Heavyweights Emaar Properties and Dubai Islamic Bank were down 1.1 and 0.7 per cent respectively.

Qatar’s bourse inched down 0.1 per cent because of Qatar Insurance Co, which fell 1.8 per cent after paying out the 2014 dividend and issuing bonus shares. Qatar Islamic Bank, which also went ex-dividend and dropped 2.7 per cent.

Property firms Ezdan Holding and Barwa Real Estate , which have yet to announce dividends, were the main supports and rose 0.7 and 1.2 per cent respectively.

Markets in Abu Dhabi, Kuwait and Oman were nearly flat.

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