Gulf stocks slip as oil declines; Abu Dhabi’s TAQA slumps

Stock markets in the Gulf were mainly negative on Tuesday as oil eased from the one-month high it hit in the previous session.

Global benchmark Brent crude was last trading lower by 0.1 percent at $55.91 a barrel.

Abu Dhabi’s main index slipped 0.2 percent to 4,563 points. Abu Dhabi National Energy Co. (TAQA) fell 3.3 percent to AED 0.58. The stock had gained over previous sessions after the Abu Dhabi government raised its stake in the energy firm.

Heavyweight lender First Abu Dhabi Bank (ticker: NBAD) also weighed on the index, falling 0.5 percent to AED 10.9.

In Dubai, the headline index closed slightly lower at 3,535 points. Amusement park operator DXB Entertainments was down 1 percent at AED 1, while Dubai Investments rose 1.2 percent to AED 2.55.

Dubai Islamic Bank (DIB) added 0.9 percent to reach AED 5.8. DIB said its net profit rose 4 percent year-on-year in Q1 2017.

Elsewhere in the region, Qatar’s QE Index fell 0.7 percent to 10,411 points. Kuwait’s price index was up 0.3 percent at 7,030 points.

Saudi Arabia’s Tadawul All Share Index was last trading down 0.1 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com