Gulf markets edge down on weak oil prices

Dubai: Major Gulf stock markets edged down in early trade on Monday in response to weak oil prices and a lack of fresh, positive corporate news.

Dubai's index slipped 0.4 percent as real estate and construction firms dropped, with Union Properties/slosing 1.7 percent. The euro hit a seven-month low against the United Arab Emirates dirham on Monday - negative news for foreign investment in the UAE property market.

Abu Dhabi edged down 0.1 percent as Aldar Properties fell 0.9 percent. However, Dana Gas was again the most heavily traded Abu Dhabi stock, rising 2.3 per cent, after jumping 4.9 per cent on Sunday, when it said a British High Court, ruling in a long-standing payment dispute, had ordered the Kurdish regional government to pay Dana's consortium $100 million within 14 days.

Qatar's index slid 0.7 percent with all 10 of the most heavily traded stocks lower. The most active stock, Masraf Al Rayan, dropped 1.6 percent.