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Most Gulf stock markets fell in early trade on Wednesday after Brent oil prices dropped late on Tuesday and global equities sagged.
Brent crude has risen 0.9 per cent to $64.32 per barrel in Asian trade on Wednesday but is far from fully recovering from Tuesday’s drop of more than 2 per cent.
Asian stocks have sagged and the dollar is firm on Wednesday on growing prospects that the US Federal Reserve is on track to raise the interest rates later this year and on concerns that financial woes could engulf Spain as well as Greece.
Dubai’s index edged down 0.5 per cent in slow trade as developers Emaar Properties and DAMAC fell 1.1 and 0.3 per cent, respectively.
Abu Dhabi’s bourse slipped 0.3 per cent with most stocks in the red. Heavyweight Etisalat fell 0.9 per cent.
Qatar’s benchmark lost 0.2 per cent and petrochemicals and metals firm Industries Qatar, whose earnings are sensitive to oil prices, was down 0.4 per cent.
Oman’s market was nearly flat while Kuwait edged up 0.2 per cent.
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