Gulf bourses muted in early trade

Regional bourses are muted in early trade as investors stay on the sidelines ahead of the first-quarter results expected to start next week.

Dubai's index gains 0.6 percent led by Emaar Properties but trading volumes are low. Developer Deyaar and logistics firm Aramex drop 1.8 percent each.

Abu Dhabi developers Aldar Properties and Sorouh Real Estate leads the gains in Abu Dhabi, adding 2.2 percent and 3 percent respectively.

Shareholders of both companies approved their state-backed merger last month, creating a real estate entity with assets of about $13 billion. Sorouh would be delisted after the merger is completed in June.

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