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Tuesday, 14 February 2017

MIDEAST STOCKS-Dana Gas, Aldar support Abu Dhabi, Drake & Scull weighs on Dubai | Reuters

MIDEAST STOCKS-Dana Gas, Aldar support Abu Dhabi, Drake & Scull weighs on Dubai | Reuters:

"A decline in builder Drake & Scull weighed on the Dubai bourse in early trade on Tuesday, while Abu Dhabi was supported by a blue chip real estate firm's earnings and an arbitration judgement in favour of Dana Gas.

Abu Dhabi's Aldar Properties rose 0.4 percent after the company made a net attributable profit in the three months to Dec. 31 of 727.9 million dirhams ($198.2 million). This was down 0.9 percent from the same period in 2015 but at the higher end of forecasts; SICO Bahrain had forecast 496 million dirhams and EFG Hermes 849 million dirhams.

Dana Gas rose 2.1 percent after saying a consortium including it was awarded $121 million by a London arbitration tribunal in its dispute with the Kurdistan Regional Government, while the court dismissed the government's counterclaims. Abu Dhabi's index was up 0.2 percent. Dubai's Drake & Scull was down 1.1 percent after slumping as much as 8 percent in the opening minutes of trade. It swung to a net loss in the fourth quarter of 490 million dirhams, versus a profit of 14.7 million dirhams in the prior-year period."



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