Gulf markets little changed in early trade

CAIRO - 2 January 2018: Gulf stock markets were little changed in early trade on Tuesday as most opened for the first time in 2018, as Dubai shipper Gulf Navigation fell sharply on news of a rights issue.

The Dubai index edged up 0.1 percent as Gulf Navigation dropped 3.1 percent. The company’s board raised issued and paid-up capital by 448.3 million dirhams ($122.2 million) to 1 billion dirhams.

All stocks in the blue chip Emaar stable rose, with flagship Emaar Properties gaining 1.4 percent.

Abu Dhabi’s index fell 0.3 percent as Dana Gas , which had surged in recent days partly because of higher oil prices, fell 3.7 percent. Qatar’s index was flat.

Saudi Arabia, the only major regional market to trade on Monday, rose 0.2 percent. Medical insurer Bupa Arabia climbed 3.3 percent after signing a services deal with national oil firm Saudi Aramco.