Gulf bourses near-flat as oil, Asian mkts steady

13/01/2016 13:04 AST

Gulf stock markets were near-flat in early trade on Wednesday as oil prices steadied and Asian markets advanced.

Brent oil, the crude benchmark that most shapes Gulf investor sentiment, bounced back from near $30 a barrel to trade at $31.10 at 0703 GMT.

Dubai's benchmark was 0.06 percent higher as of 0705 GMT. It had been up as much as 1.2 percent in early trade, but that rise sparked some selling as day traders booked quick profits, indicating little confidence in a sustained rebound.

Builder Arabtec rose 2.3 percent to take its gains since mid-December's four-year low to 41 percent.

Other real-estate related stocks also firmed, with Drake & Scull and Damac Properties climbing 0.3 and 0.5 percent respectively.

Abu Dhabi's index also gave back most of its initial gains to be up 0.3 percent in thin trade.

Abu Dhabi Islamic Bank rose 0.6 percent and Abu Dhabi Commercial Bank added 1.8 percent, clawing back some of this week's losses that were sparked by concerns about UAE lenders' future profitability.

Doha's exchange rose 0.05 percent. Qatar National Bank (QNB) was the main support, climbing 1.5 percent.

Three analysts polled by Reuters on average forecast QNB will report an 11.8 percent increase in fourth-quarter profit.

Asian shares rallied as MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.6 percent and Japan's Nikkei jumped 2.6 percent from a near-one-year trough.


Reuters

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