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MIDEAST STOCKS-Gulf markets slip after oil cost drop

DUBAI Dec 6 Gulf markets declined on Sunday following a renewed slump in oil rates.

Brent crude dropped 2 percent on Friday to $ 43 per barrel after an OPEC policy meeting in Vienna failed to agree on a new production quota.

Dubai’s stock index declined 1.four percent, resuming trading following a 5-day holiday.

Emirates NBD see-sawed, obtaining been up more than 5 % in early trade before slipping 1.3 % lower as of 0908 GMT. Other monetary stocks also retreated, with Dubai Islamic Bank down 4.7 percent and Amlak Finance losing three.five percent.

Abu Dhabi’s index slid 1.1 percent. Etisalat , the newest Emarati constituent in MSCI’s emerging market index, tumbled five.2 percent following surging 10 percent the previous session.

National Bank of Abu Dhabi (NBAD) climbed five.two percent, obtaining dropped 11.6 % last week. 1st Gulf Bank rose 2.5 %.

The Qatar and Kuwait benchmarks every slipped .two percent. (Reporting by Celine Aswad Editing by Matt Smith)