MIDEAST STOCKS-Oil slump strengthens market sell-off in UAE, Qatar

DUBAI Dec 13 Gulf markets fell in early trade on Sunday as the oil cost slump fuelled a broad stock sell-off.

Brent crude posted its greatest weekly percentage drop in over a year on Friday to settle at $ 37.93 right after the International Power Agency (IEA) warned that global oversupply of crude could worsen next year.

Qatar’s stock index tumbled three.8 %, taking its losses for the year to 21.7 percent, underperforming the MSCI emerging market index which is down 19 percent in 2015.

Monetary sector heavyweights Masraf Al Rayan and Qatar National Bank declined four.eight and 2.3 % respectively.

Dubai’s bourse fell 1.6 percent. It is down 23.2 percent in 2015, creating it the worst performing Gulf market index this year.

Losers outnumbered gainers 19 to three. Blue-chips Emaar Properties and Dubai Islamic Bank dropped 3 and 2.5 % respectively, whilst Emirates NBD – Dubai’s largest bank by market worth – rose 2.7 % as 7,000 shares have been traded to ease the main benchmark’s losses.

Drake and Scull slid .eight percent to .38 dirhams, hitting a new record low. One more construction firm, Arabtec retreated two.6 percent, falling to a 4-year low.

Abu Dhabi’s index dropped 1.eight % as blue-chips tugged the index lower. First Gulf Bank and telecom giant Etisalat declined 1.7 and 1 % respectively, providing back Thursday’s gains. (Reporting by Celine Aswad Editing by Matt Smith)