MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters

MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters:

"Stock markets in the Gulf weakened in early trade on Wednesday after oil prices plunged 8 percent overnight, prompting some local investors to take short-term profits in equities.

Dubai's index dropped 0.7 percent in the first hour of trade as Emaar Properties sank 2.2 percent. Some smaller real estate firms rose, however, with DAMAC Properties edging up 0.4 percent.

Bahrain's Al Salam Bank rose 2.5 percent after it recommended a cash dividend of 5 fils per share for 2015, unchanged from the previous year despite a 33 percent drop in annual net profit."



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