MIDEAST STOCKS-Pullback in crude oil weighs on Gulf in early trade

A strong pullback in crude oil prices overnight and their continued decline early on Wednesday weighed on oil-linked sectors in the Gulf, while Dubai dropped on profit taking.

  
DUBAI, Aug 2 (Reuters) - A strong pullback in crude oil prices overnight and their continued decline early on Wednesday weighed on oil-linked sectors in the Gulf, while Dubai dropped on profit taking.

Brent crude futures were down almost 1 percent at $51.30 per barrel as of 0740 GMT, after they settled 1.7 percent lower on Tuesday.

The Riyadh index declined 0.4 percent as ten of the 14 listed petrochemical makers were down in the first 40 minutes of trade on Wednesday. Saudi Basic Industries was down 1.1 percent.

Shares of Nama Chemicals rose 1.7 percent after it reported a smaller net loss in the second quarter compared to last year.

Shares of real estate manager Taiba Holding fell 0.6 percent after its second quarter net profit fell 26.9 percent year-on-year to 54.4 million riyals ($14.51 million).

The company attributed the lower profits to the decrease in the operating revenues of hotels and resorts segment.

In Dubai, the index fell 0.6 percent as shares of some of the previous session's top gainers fell on profit taking. Emaar Properties lost 0.8 percent.

Abu Dhabi's index was up 0.3 percent as the top three most valuable companies rose; telecommunication operator Etisalat and First Abu Dhabi Bank were each up 0.5 percent and Abu Dhabi Commercial Bank added 0.1 percent.

In Qatar, the index was near flat as eight of the 20 most valuable companies advanced while seven of them declined.



($1 = 3.7501 riyals)

(Reporting by Celine Aswad; Editing by Andrew Heavens) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))






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