Stock markets in the Gulf edged down in early trade on Sunday as investors took profits, encouraged by a dip in Brent oil futures at the end of last week.
Riyadh’s stock index lost 0.2 per cent, weighed down by the petrochemical sector. Saudi Basic Industries, the largest listed stock by market value, was down 0.6 per cent.
But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with Jarir Marketing up 0.2 per cent. Shares in the company are however down 6.4 per cent since last month.
Dubai’s index edged down 0.1 per cent in thin trade as investors sold across the board. Emaar Properties and builder Drake & Scull fell 0.7 and 0.9 per cent respectively.
Dana Gas and Etisalat were the main drags on Abu Dhabi’s index, which fell 0.3 per cent. Shares in the natural gas explorer and blue-chip telecommunications operator were down 1.9 and 0.9 per cent.
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