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Tuesday, 21 February 2017

MIDEAST STOCKS-Dubai falls sharply as Arabtec slides, Egypt rebounds | Reuters

MIDEAST STOCKS-Dubai falls sharply as Arabtec slides, Egypt rebounds | Reuters:

"Dubai's stock market fell on Tuesday, breaking technical support as construction firm Arabtec continued to slide, while Egypt rebounded from a drop triggered by foreign investors' selling.

Dubai's index sank 1.2 percent to 3,560 points, confirming a break of support on the mid-February low of 3,608 points; this triggered a double top formed by the January and February peaks and pointing down to around 3,500 points.

Arabtec, which plunged its 10 percent daily limit to a five-year low on Monday, slid a further 6.7 percent. The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."



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