Wednesday 11 November 2015

MIDEAST STOCKS-Arabtec drags down Dubai after Q3 loss; rest of Gulf soft | Reuters

MIDEAST STOCKS-Arabtec drags down Dubai after Q3 loss; rest of Gulf soft | Reuters:

"Dubai's stock index fell in early trading on Wednesday, dragged down by construction company Arabtec after it reported a big third-quarter loss, while other Gulf markets were soft.

Dubai's index fell 1 percent to 3,268, nearing technical support at its August low of 3,241, as Arabtec tumbled its 10 percent daily limit to a 30-month low.

The company, which is one of Dubai's most heavily traded stocks, swung to a net loss of 944.8 million dirhams ($257.3 million) in the third quarter."



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