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Thursday, 9 February 2017

MIDEAST STOCKS-Air Arabia, Dana Gas weigh on UAE, Saudi flat in early trade | Reuters

MIDEAST STOCKS-Air Arabia, Dana Gas weigh on UAE, Saudi flat in early trade | Reuters:

"Poor fourth-quarter earnings from two United Arab Emirates companies weighed on stock markets there in morning trade on Thursday while Saudi Arabia barely moved.

Dubai's index was pulled 0.7 percent lower as Air Arabia dropped 5.8 percent in unusually heavy trade after it made a net loss attributable to owners of 38.6 million dirhams ($10.5 million) versus a net profit of 55.9 million dirhams in the prior-year period.

Analysts at EFG Hermes and SICO Bahrain had forecast a net profit of 131.8 million dirhams and 127.9 million dirhams respectively. The board, citing difficult conditions in the regional aviation industry, recommended a cash dividend of 7 percent for 2016, down from 9 percent for 2015."



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