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MIDEAST STOCKS-UAE, Qatar trade lower as oil turns south
January 26, 2016 / 6:57 AM / 2 years ago

MIDEAST STOCKS-UAE, Qatar trade lower as oil turns south

DUBAI, Jan 26 (Reuters) - Stock markets in the United Arab Emirates and Qatar fell in early trade on Tuesday, following Asian shares lower as oil prices broke below the $30 a barrel mark.

Brent fell 3.0 percent to $29.58 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.

Japan’s Nikkei fell 2.3 percent while Hong Kong’s Hang Seng Index fell 1.9 percent, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 1.1 percent after two days of gains since late last week.

Dubai’s bourse dropped 1.7 percent to 2,659 points in the first 20 minutes of trade, heading back towards a 28-month low.

Shares in Arabtec and Drake and Scull fell 1.7 and 4.5 percent respectively. Emaar Properties , the largest stock by market value in the property sector, traded down 2.4 percent.

Abu Dhabi’s index dipped 0.3 percent in the first 20 minutes of trade, although volumes were weak. Dana Gas was down 2.4 percent, on track to repeat the fall posted on Monday.

Real estate developers Aldar Properties and Eshraq Properties were each down more than 2.0 percent.

Qatar’s benchmark was down 1.0 percent, dragged by oil-linked companies. Gulf International Services and Qatar Gas Transport Co. both fell more than 3.0 percent.

Vodafone Qatar was down 2.6 percent. The affiliate of Vodafone Group , reported a 72.2 million riyal ($19.8 million) net loss in the third quarter according to Reuters calculations, which was five percent wider than the same year-ago period. (Reporting by Celine Aswad; Editing by David French)

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