UAE shares mixed in early trade: Dubai up; Abu Dhabi flat

Gulf stock markets moved little in slow early trade on Tuesday against a mixed global background.

Brent crude oil rose more than 1 per cent in Asian trade, but some analysts warned prices had risen too far and could face a downward correction.

Meanwhile, Asian share markets slipped as talks between Greece and euro zone finance ministers broke down after Athens rejected a proposal to request a six-month extension of its international bailout programme.

Dubai’s stock index edged up 0.3 per cent after dropping 3.3 per cent in the previous session. Developer Emaar Properties, which tumbled 3.6 per cent on Monday, rose 0.7 per cent.

Emaar reported a 14 per cent rise in fourth-quarter net profit before Monday's session, which may have disappointed some investors but was slightly ahead of analysts' estimates.

Another real estate firm, Damac, surged 5 per cent on Tuesday morning. The stock has fluctuated sharply since listing in Dubai last month, and it fell 3.7 per cent on Monday.

Abu Dhabi's index slipped 0.2 per cent as large banks extended losses following a report by Standard and Poor's on Monday which profit growth of UAE lenders was likely to slow to 5 or 6 per cent this year.

National Bank of Abu Dhabi fell 2.1 per cent and Abu Dhabi Commercial Bank lost 1.2 per cent.

Petrochemicals firm Industries Qatar, set to benefit from oil's rebound, rose 0.5 per cent and lifted Doha's index, which climbed 0.2 per cent.

Oman's index was nearly flat, while Kuwait edged down 0.3 per cent.

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