DUBAI: Gulf stock markets edged down in early trade on Wednesday after a mixed set of corporate news did little to boost investor sentiment.
Dubai's index edged down 0.3 percent as builder Arabtec fell 1.4 percent amid concerns about its $40 billion housing project in Egypt, which has stalled again.
A source familiar with the matter told Reuters that Arabtec's chairman would meet officials of Egypt's housing ministry on Wednesday to renegotiate the terms of the plan, after the two sides disagreed on an accord which they had previously reached.
However, logistics firm Aramex jumped 2.2 percent after its board proposed a cash dividend of 14 percent or 0.14 dirham per share for 2014, up from 0.115 dirham it paid a year earlier. The 22 percent dividend hike outpaced its growth in net profit, which increased 15 percent in 2014.
Abu Dhabi's benchmark inched down 0.1 percent with most blue chips in the red. Telecommunications firm Etisalat, up 0.4 percent, was the main support after its Saudi affiliate Mobily said it could meet all its debts, despite announcing last week that it had suffered a $243 million loss in 2014 and expected to breach covenants on long-term loans.
Qatar's market fell 0.5 percent as most stocks declined. Kuwait and Oman edged down 0.3 and 0.1 percent respectively.
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