OREANDA-NEWS. March 24, 2015. Most Gulf stock markets barely moved in early trade on Monday after oil ended its rally, while Dubai builder Arabtec found some support after falling to a 14-month low on poor fourth-quarter earnings.

Oil prices dropped around a percentage point in early Asian trade on Monday after Saudi Arabia repeated over the weekend that it would not unilaterally cut its output to defend prices.

Bourses in Dubai, Abu Dhabu and Oman were nearly flat, while the Doha index slipped 0.2 percent as Industries Qatar, whose operations include petrochemicals, fell 1.5 percent.

Arabtec, which tumbled its daily 10 percent limit in previous session, edged down 0.4 percent but appeared to be stabilising around its July 2014 low of 2.35 dirhams, a major technical support. The stock went as low as 2.28 dirhams earlier in the session.

The company said on Sunday it had swung to net loss of 94.4 million dirhams (\\$25.7 million) in the fourth quarter of last year. It also proposed no cash dividend, offering a 5 percent bonus share issue instead.

Kuwait's market fell 0.3 percent as Burgan Bank dropped 2.1 percent after going ex-dividend.