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Monday, 20 February 2017

MIDEAST STOCKS-Profit-taking weighs on Gulf; Egypt drops as foreign investors exit | Reuters

MIDEAST STOCKS-Profit-taking weighs on Gulf; Egypt drops as foreign investors exit | Reuters:

"Profit-taking swept across most stock markets in the Middle East on Monday, with United Arab Emirates bourses particularly hard hit by slides in construction company Arabtec and energy business Dana Gas . Dubai's Arabtec dropped by its 10 percent daily limit to a five-year low of 0.90 dirhams, falling below technical support at its December 2015 low of 0.93 dirhams. 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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