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UPDATE 1-MIDEAST STOCKS-Gulf markets mixed as oil pulls back
February 2, 2015 / 7:27 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-Gulf markets mixed as oil pulls back

(Updates with markets open)

DUBAI, Feb 2 (Reuters) - Gulf stock markets were narrowly mixed in early trade on Monday after the Brent oil price fell below $52 per barrel.

Dubai’s index fell 0.9 percent as most stocks declined; the benchmark had surged 4.5 percent in the previous session.

But shares in property developer DAMAC jumped 3.2 percent after it reported an 11 percent rise in fourth-quarter profit on Monday, according to Reuters calculations.

Also, lender Emirates NBD added 1.1 percent after rating agency Moody’s said in a report on Monday that Dubai World’s second debt restructuring was credit-positive for the United Arab Emirates banking system and Emirates NBD in particular.

Abu Dhabi edged up 0.3 percent as Abu Dhabi Commercial Bank and First Gulf Bank added 1.4 and 0.3 percent respectively.

Qatar’s index slipped 0.3 percent. Qatar National Bank was the main drag, dropping 2.3 percent as its shares no longer carried the 2014 dividend.

Oman’s benchmark inched down 0.2 percent, while Kuwait edged up 0.2 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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