Gulf mixed in early trade, Omani falls after budget

Gulf mixed in early trade, Omani falls after budget

Dubai - Oman fell after authorities announced a tight budget for 2017.



By Reuters


Published: Mon 2 Jan 2017, 11:44 AM

Last updated: Mon 2 Jan 2017, 1:49 PM

Gulf stock markets were mixed in early trade on Monday as most reopened after the New Year, with some investors yet to return from holidays.
Oman fell after authorities announced a tight budget for 2017.

UAE

Dubai's index edged up 0.4 per cent as much activity focused on speculative stocks including Islamic Arab Insurance , which jumped 14.2 per cent and was the most heavily traded issue.
Abu Dhabi fell 0.5 per cent, partly due to a 5.7 per cent slide in Abu Dhabi National Energy.

Qatar

Qatar edged down 0.1 per cent as Islamic bank Masraf Al Rayan dropped 0.5 per cent after saying it would suspend the activities and licence of its brokerage business, Al Rayan Financial Brokerage Co. It said the brokerage's paid-up capital represented just 0.06 per cent of the bank's total assets.

Saudi Arabia

Saudi Arabia's index gained 0.3 per cent with petrochemicals lagging slightly. Travel agency Al Tayyar, which climbed 7.4 per cent on Sunday in unusually heavy trade, added a further 3.8 percent.

Oman

Oman's index dropped 0.5 per cent after the government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices.
Oman Telecommunications dropped 1.4 per cent after tumbling 4.3 per cent on Sunday in response to a hike in the royalty that it must pay the government. Ooredoo Oman fell 0.7 per cent after plunging 7.9 per cent on Sunday.
 


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