Gulf markets slip after Asian losses

Gulf stock markets, which had mostly opened higher on Tuesday in response to an overnight surge of oil prices, quickly gave up those gains and moved into the red after leading Asian equity indexes fell because of poor data from China. Oil futures soared more than 8 per cent late on Monday, though they then pulled back about 3 per cent in Asian trade on Tuesday morning. Gulf bourses mainly tracked global equities rather than oil on Tuesday. Dubai's equities benchmark slipped 0.4 per cent with most stocks negative, although property developer DAMAC bucked the trend and climbed 0.9 per cent. Abu Dhabi's bourse fell 0.9 per cent and Qatar lost 0.8 per cent. Ezdan Holding and Commercial Bank of Qatar dropped 2.1 per cent each. Stock markets in Kuwait and Oman slipped 0.1 per cent each, according to0 Reuters.

-Shuvo-