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Tuesday, 21 February 2017

MIDEAST STOCKS-Gulf mostly lower, Dubai's Arabtec slides again | Reuters

MIDEAST STOCKS-Gulf mostly lower, Dubai's Arabtec slides again | Reuters:

"Most Gulf stock markets fell early on Tuesday with Dubai hit once again by weakness in construction firm Arabtec after the company reported a fourth-quarter loss and plans for a rights issue a week ago.

Dubai's index lost 0.6 percent as Arabtec, which plunged its 10 percent daily limit to a five-year low on Monday, slid a further 2.2 percent. Shares in Drake & Scull, another builder which has been struggling financially, rebounded 3.0 percent.

Abu Dhabi climbed 0.5 percent as telecommunications firm Etisalat rose 1.4 percent. The company said it would pay the federal government a royalty of 30 percent of profits for 2017-2021, the same rate as in 2016."



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