DUBAI- Gulf stock markets were soft in early trade on Sunday, mirroring a drop in global bourses late last week, with weakness in Saudi Arabian petrochemicals weighing on that market.

The Saudi index was down 0.1 percent after an hour. The biggest petrochemical firm, Saudi Basic Industries 2010.SE , slid 0.7 percent and Sahara Petrochemicals shed 4.9 percent as it went ex-dividend.

Yanbu National Petrochemicals was down 1.8 percent after announcing a net profit of 630.6 million riyals ($168 million) in the first quarter, 3.7 percent higher year-on-year. Analysts surveyed by Reuters had forecast on average a 750 million riyal net profit.

Al Sagr Cooperative Insurance jumped 3.0 percent, rising sharply for a second straight day after saying it would discuss a possible merger with Wala'a Cooperative Insurance, which edged up 0.3 percent.

Dubai's index slipped 0.4 percent as blue chip Emaar Properties dropped 1.2 percent to 5.57 dirhams, returning near a two-year low of 5.52 dirhams hit earlier this month.

Abu Dhabi National Energy Co was up 5.0 percent and was the most heavily traded stock in that market, continuing a sharp uptrend that began in March and is based partly on strong oil prices. The stock has soared more than 50 percent since the end of March.

(Reporting by Davide Barbuscia; Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))