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ME stocks: UAE mixed, Qatar falls in early trade

By Reuters

United Arab Emirates stock markets were mixed in thin volumes while Qatar fell in early trade on Sunday as investors remained wary of low oil prices and a slump in global equity markets because of a deceleration in the Chinese economy.

Dubai's index edged down 0.2 per cent as Emaar Properties was flat after two days of falls, while local speculators' favourite GFH Financial gained 0.6 per cent.

Abu Dhabi’s index climbed 0.7 per cent on the back of a rebound by First Gulf Bank, which gained 2.1 per cent following a 5.6 per cent tumble on Thursday. Other major stocks barely moved.

Qatar's index dropped 1.2 per cent as drilling rig provider Gulf International Services, hit by the weakness of oil prices, fell a further 3.4 per cent to a 27-month low of 43.50 riyals.

Among other losing stocks, Qatar Commercial Bank and Barwa Real Estate each slid 2.4 per cent.