Most Gulf stock markets fell in early trade on Wednesday as oil prices declined further; Dubai led losses, coming under renewed pressure from blue chips and ex-dividend stocks.
Brent for May delivery fell 50 cents to $53.01 a barrel by 7am GMT as US crude inventories were forecast to have surged for the 10th straight week to a new record high.
Dubai’s index dropped 2 per cent as Emaar Properties, the emirate’s largest listed developer, lost 2.6 per cent. The company said this week it was not part of a $45 billion project to build a new capital city in Egypt, contrary to earlier media reports.
Bourse operator Dubai Financial Market and low-cost carrier Air Arabia fell 3.6 and 7.6 per cent respectively as their shares no longer carried 2014 dividends.
However, start-up stocks Marka and Dubai Parks climbed 1.7 and 1.1 per cent respectively.
Abu Dhabi edged down 0.5 per cent and Abu Dhabi National Energy Co tumbled 7.1 per cent. National Bank of Abu Dhabi provided some support, climbing 0.8 per cent ahead of the dividend registration deadline.
Qatar’s index edged down 0.4 per cent as petrochemicals-to-metals conglomerate Industries Qatar fell 1.6 per cent, while Kuwait was nearly flat and Oman edged up 0.3 per cent.
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