Mideast stocks down in early trade

Mideast stock markets edged down in early trade on Monday because of softer oil and global equities prices, while Gulf International Services (GISS) led Qatar down after a fire at one of its onshore drilling rigs.
Dubai's index fell 0.5 per cent in the first 45 minutes of trade as builder Arabtec pulled back 1.7 percent. The stock had surged 6.8 percent on Sunday, ahead of the announcement that it had won a 1.7 billion dirham ($463 million) contract from the United Arab Emirates government. Abu Dhabi's index slid 0.3 percent.
Qatar fell 0.2 per cent as GISS sank 2.6 percent. GISS said the fire had been extinguished after six people were injured, and that the rig had been repaired and put into service again. It did not give a reason for the fire or the financial cost, according to a news agency report.

Share on Google Plus

About Jessica Hornberger

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.