Gulf stock markets edged down in early trade on Wednesday as oil fell further following the extension of nuclear talks with Iran, and after United Arab Emirates energy firm TAQA booked a big 2014 loss due to oil's slump.

Oil futures edged lower in Asian trade amid speculation that a last-minute deal over Iran’s nuclear programme would be reached that could allow more Iranian crude onto world markets. Brent was down 0.3 per cent and US oil fell 0.4 per cent.

Abu Dhabi’s index fell 0.7 per cent and TAQA, also known as Abu Dhabi National Energy Co, tumbled its daily 10 per cent limit in very thin trade.

The state-owned oil explorer and power supplier on Wednesday reported a net loss of 3.01 billion dirhams ($820 million) for 2014 compared with a loss of 2.52 billion dirhams in 2013. TAQA also said it would not pay dividends for 2014 and would cut its capital expenditures this year.

Another Abu Dhabi energy firm, Dana Gas, dropped 2.5 per cent.

Dubai’s index inched down 0.1 per cent because of Dubai Islamic Bank, which slipped 0.3 per cent after offering to pay cash for the remaining 13.5 per cent of shares in mortgage lender Tamweel, which it wants to fully take over. The bank had previously sought to do so through a share swap.

Qatar’s bourse edged down 0.5 per cent as blue chip Qatar National Bank fell 1.5 per cent. Kuwait slipped 0.4 per cent because of ex-dividend Ahli United Bank, which dropped 3.5 per cent.

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