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MIDEAST STOCKS-Gulf markets slip after Asian losses, despite oil price gain
September 1, 2015 / 7:07 AM / 2 years ago

MIDEAST STOCKS-Gulf markets slip after Asian losses, despite oil price gain

DUBAI, Sept 1 (Reuters) - Gulf stock markets, which had mostly opened higher on Tuesday in response to an overnight surge of oil prices, quickly gave up those gains and moved into the red after leading Asian equity indexes fell because of poor data from China.

Oil futures soared more than 8 percent late on Monday, though they then pulled back about 3 percent in Asian trade on Tuesday morning.

The surge was fuelled by an OPEC commentary saying the cartel was willing to talk to other producers to achieve reasonable oil prices, as well as by a downward revision of U.S. output data by the U.S. Energy Information Administration.

But Gulf bourses mainly tracked global equities rather than oil on Tuesday. Asian shares were down and European markets looked set to follow suit after twin surveys showed China’s manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy.

Dubai’s equities benchmark slipped 0.4 percent with most stocks negative, although property developer DAMAC bucked the trend and climbed 0.9 percent, supported by an expected dividend payout which shareholders appear likely to approve on Sept. 15.

Abu Dhabi’s bourse fell 0.9 percent and Qatar lost 0.8 percent. Ezdan Holding and Commercial Bank of Qatar dropped 2.1 percent each on profit-taking after surging in the run-up to the rebalancing of MSCI’s emerging markets index, which increased the two stocks’ weightings at the end of Monday.

Stock markets in Kuwait and Oman slipped 0.1 percent each. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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