MIDEAST STOCKS-Gulf edges down in early trade as blue chips weigh | Reuters

MIDEAST STOCKS-Gulf edges down in early trade as blue chips weigh | Reuters:

"Gulf stock markets edged down in early trade on Thursday as blue chips dropped, with trading volumes in Dubai focused on volatile stocks favoured by local traders.

Dubai's index rose as much as 0.4 percent in the opening minutes but was 0.1 percent lower after 90 minutes. Builder Drake & Scull continued to attract heavy activity, rising 1.2 percent; it is up over 30 percent since Feb. 1. But construction firm Arabtec was down 0.9 percent after initially trading up.

Abu Dhabi's benchmark was initially up 0.1 percent in quiet trade but failed to hold onto gains as blue-chip banks were sold off, and the index fell 0.1 percent."



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