|12-29-2014, 10:25 PM||#1|
Gulf markets mixed as oil prices recover slightly
Gulf stock markets were mixed on Monday morning in low trading volumes as Brent oil edged higher but remained below $60 a barrel, with some profit taking in action.
Dubai’s main index was down 0.1% while Qatar gained 0.55%. Abu Dhabi was slightly lower together with Kuwait and Muscat.
Brent crude prices gained 0.6% early Monday over heightened clashes in Libya that could disrupt supply, but prices could not top the $60-a-barrel mark.
Over the last couple of sessions, Gulf markets have been buoyed higher by Saudi Arabia’s 2015 fiscal budget, which plans to keep high levels of spending despite lower revenues from oil, which saw stocks recover some of early December’s sharp selloff.
Shares in Dubai eased back a bit on Monday, led by Emirates NBD and Marka, which rose on Sunday after it announced the acquisition of Retailcorp from Dubai World.
In Saudi Arabia, dairy giant Almarai is expected to see some movements after its board recommended a SAR1 dividend per share for 2014, the same as last year, but some investors had been hoping for a higher dividend.
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