Dubai’s benchmark stock index fell to the lowest in almost a week after Arabtec Holding Co. (ARTC) reported a second-quarter loss that missed analysts’ estimates. Qatari shares advanced after Industries Qatar (IQCD)’s profit rose.
Shares of Arabtec, the biggest construction company in the United Arab Emirates, decreased 4 percent. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, declined for a third day. The DFM General Index (DFMGI) fell 0.1 percent to 1,555.65 at the close in the emirate, the lowest since Aug. 2, taking the past three day’s drop to 1.3 percent. Qatar’s QE Index increased 0.4 percent, while the Bloomberg GCC 200 Index (BGCC200) rose 0.1 percent.
Arabtec, which has the third-heaviest weighting on the stock gauge, said today the loss attributable to owners of the parent was 11.6 million dirhams ($3.2 million) after a profit of 29 million dirhams a year earlier. The average estimate of six analysts was for a profit of 73 million dirhams, according to data compiled by Bloomberg. The shares fell the most since May 13 to 2.9 dirhams, trimming this year’s rally to 92 percent.
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