Gulf markets narrowly mixed in thin Ramadan trade

Gulf stock markets were narrowly mixed early on Thursday as trading volumes fell with the beginning of the Muslim holy month of Ramadan.

Emaar Properties weighed on Dubai after pricing its Egyptian unit’s initial public offer of shares well below the top of its indicative range.

Emaar fell 0.5 per cent and Dubai’s index slipped 0.3 per cent. Emaar Misr, the firm’s Egyptian subsidiary, priced its IPO at 3.8 Egyptian pounds per share, the parent said on Thursday.

It had said earlier this month that the offer would be priced at between 3.5 and 4.25 pounds per share.

Amlak Finance was the most traded stock, sliding 1.0 per cent. The stock had more than doubled in price after it resumed trading this month following a six-year suspension.

Abu Dhabi’s index edged up 0.2 per cent as most blue-chips rose, while Oman slipped 0.2 per cent.

Qatar’s bourse inched down 0.1 per cent because of heavyweight Industries Qatar, which fell 1.1 per cent.

The company, whose petrochemicals business is sensitive to oil prices, had risen on Wednesday as oil firmed, but Brent crude fell again early on Thursday.