Gulf stock markets were mixed in early trade on Wednesday, guided largely by announced and expected dividends, as slightly weaker oil prices made investors cautious about opening new positions.
Brent crude traded at $62.20 per barrel, down 0.5 per cent by 0645 GMT, after surging over the past two weeks.
Dubai’s stock index inched up 0.1 per cent as blue-chip real estate developer Emaar Properties climbed 1.0 per cent, but the overall split between gainers and losers was roughly equal.
Another developer, DAMAC, added 1.7 per cent. The firm plans to issue bonus shares instead of a cash dividend for 2014, but has not yet announced an exact date for that.
Abu Dhabi was nearly flat as just a handful of stocks moved.
Qatar’s benchmark slipped 0.3 per cent and Qatar Electrocity and Water Co, down 4.5 per cent, was the main drag. The stock no longer carries the 2014 dividend.
Oman’s index rose 0.1 per cent as Galfar Engineering & Contracting, which has yet to announce 2014 dividends, surged 8.7 per cent.
Kuwait’s bourse edged down 0.7 per cent with most stocks in the red.