Gulf markets pull back

Gulf stock markets edged down in early trade on Sunday after oil prices ended the week lower and corporate news flow remained thin ahead of summer holidays. Oil had staged its first rally in three days on Friday, gaining 2 per cent, despite warnings of more oversupply as a result of OPEC's decision to keep pumping crude without restraint. But for the week, Brent fell 3.6 per cent. Dubai's index fell 1.1 per cent with most stocks in the red. But Amlak Finance, which was the most traded stock in the emirate, surged 8.2 per cent. Abu Dhabi edged down 0.5 per cent as blue chips First Gulf Bank and Etisalat lost 1.0 and 0.4 per cent respectively. Qatar's bourse slid 1.0 per cent, according to Reuters.