MIDEAST STOCKS-Most of Gulf firm though Emaar Development slides on listing | ZAWYA MENA Edition:
"Most major Gulf stock markets edged up in early trade on Wednesday, including Dubai, although Emaar Development dropped as it began trading after Dubai's first big initial public offer of shares since 2014.
Emaar Development, the local property development unit of Emaar Properties, was at 5.85 dirhams after 80 minutes, down from its IPO price of 6.03 dirhams; 209 million shares traded, compared to 800 million sold in the IPO. The stock opened at 5.61 dirhams.
The weak debut underlined two factors weighing heavily on Dubai. Its real estate market has been slumping for over two years as low oil prices cause governments around the region to cut spending and impose new taxes, slowing economic growth.
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