October 3, 2017 / 8:20 AM / 9 months ago

MIDEAST STOCKS-Gulf markets steady in early trade, SABB Takaful slides

DUBAI, Oct 3 (Reuters) - Stock markets in the Gulf were mostly steady on Tuesday, ignoring another drop in oil prices amid oversupply concerns.

Brent crude, the global benchmark, was down 26 cents, or 0.5 percent, at $55.86 a barrel after losing 1.2 percent in the last session.

The Saudi stock index was almost flat after an hour. Sharia-compliant insurer SABB Takaful dropped 4.3 percent after the financial regulator temporarily stopped the company from issuing or renewing insurance or savings products, citing unspecified weaknesses in ITS internal controls.

Qatar’s index fell 0.3 percent, dragged down by the banking sector. Qatar First Bank, Masraf Al Rayan and Qatar Islamic Bank were all lower with the latter down 1.7 percent.

The Dubai index rebounded 0.2 percent as Emaar Properties gained 0.6 percent after Reuters quoted sources as saying its local real estate development business, which is preparing for an initial public offer of shares, was expected to be valued at 24 billion dirhams ($6.5 billion). (Reporting by Aziz El Yaakoubi; Editing by Andrew Torchia and Susan Fenton)

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