Gulf stock markets edged down in early trade on Thursday after Brent oil fell below $60 per barrel and corporate news was mostly negative.
Oil tumbled on Wednesday and early on Thursday as US crude inventories were expected to hit record highs, while a possible rise in Saudi Arabia’s output could stoke oversupply built up in the past few months.
Dubai’s stock index fell 1.1 per cent as most stocks declined. Telecommunications operator du dropped 2.5 per cent after reporting a 10 per cent fall in fourth-quarter profit and missing analysts’ estimates.
The firm made a net profit of 512.7 million dirhams ($139.6 million) in the three months to December 31, down from 570.3 million dirhams in the year-earlier period. Analysts polled by Reuters had on average forecast 586.7 million dirhams.
Abu Dhabi edged down 0.5 per cent in a broad pull-back. Energy firm Dana Gas, whose performance is sensitive to oil prices, dropped 2.1 per cent.
Qatar’s benchmark slipped 0.3 percent. Shares in Gulf International Services tumbled 5.2 per cent and were the main drag as they no longer carried the 2014 dividend of 5.50 riyals per share.
Markets in Oman and Kuwait were down 0.1 and 0.3 per cent, respectively.