Profit-taking Hits Gulf Equities after oil tumbles
Profit-taking hit major equity markets across the Gulf in early trade on Sunday after crude oil suffered its biggest weekly percentage decline since January.
Petrochemical shares were the main drag on Saudi Arabia's index, which was down 0.4 percent after 25 minutes. Heavyweight Saudi Basic Industries lost 0.3 percent after Brent oil closed at $45.58 a barrel on Friday, the lowest since Aug. 11.
Banking shares were also weak after enjoying two weeks of strong gains, with the sub-index down 0.3 percent.
Qatar's index extended losses, heading for its third straight session of declines and its lowest close in four months. All but one of the index's traded shares was down with commodity producer Industries Qatar off 1.3 percent.
Mid-sized stocks dragged Dubai's index 0.7 percent lower with amusement park builder DXB Entertainments dropping 2.0 percent and Dubai Financial Market the only listed bourse in the Gulf, falling 1.7 percent.
In Abu Dhabi, Dana Gas lost 1.9 percent, helping push the index 0.4 percent down. Other blue chips also pulled back, with Aldar Properties losing 1.2 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Adrian Croft)
