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MIDEAST STOCKS-Gulf markets consolidate in thin trade

The slow Gulf stock markets cause investors to be cautious with oil prices

DUBAI, Aug 10 (Reuters) – Most Gulf stock markets moved very little in early trade on Monday as investors remained cautious with oil prices near a six-month low.

Dubai’s index was flat as the most traded stock, Union Properties, was down 3.5 percent, which offset gains made by other securities.

The firm reported a 96 percent slump in second-quarter net profit on Sunday as revenue from property management and home sales shrank and its year-earlier earnings were swelled by property revaluations.

Meanwhile, Emaar Properties, the emirate’s largest listed developer, edged up 0.4 percent and another real estate firm, DAMAC Properties, added 0.8 percent. DAMAC said last week it had more than tripled its second-quarter profit.

Abu Dhabi’s benchmark inched up 0.1 percent, supported by Abu Dhabi Commercial Bank which rose 1.0 percent.

Qatar edged up 0.4 percent as Qatar Insurance jumped 4.0 percent. The stock has surged 20 percent since mid-May when index compiler MSCI announced its inclusion in the emerging market benchmark.

MSCI will announce a quarterly review on August 13 which may further affect stocks in Qatar and the United Arab Emirates if there are significant changes to their weightings.

Oman’s market was flat, while Kuwait inched up 0.1 percent.