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Monday, 13 February 2017

MIDEAST STOCKS-Arabtec drags down Dubai index, local sugar revival boosts Egypt food makers | Reuters

MIDEAST STOCKS-Arabtec drags down Dubai index, local sugar revival boosts Egypt food makers | Reuters:

"A slump in shares of Dubai's Arabtec dragged Dubai's stock market lower on Monday after the builder reported a larger fourth-quarter net loss, while other markets were mixed.

Dubai's index dropped 1.8 percent, its largest single-day decline since October 2015, after Arabtec plummeted by its 10 percent daily limit having reported a net loss of 2.95 billion dirhams ($803 million) in the three months to Dec. 31.

The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million a year earlier.

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