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Wednesday, 19 April 2017

MIDEAST STOCKS-Cement companies hold back Saudi index, Dubai's Arabtec shines | Reuters

MIDEAST STOCKS-Cement companies hold back Saudi index, Dubai's Arabtec shines | Reuters:

"Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh-listed Arabian Cement slid by 5 percent after reporting net profit for the three months to March 31 down 55 percent year on year, citing lower sales volumes and prices. Other cement companies have also reported double-digit declines in quarterly earnings, with analysts saying the sector's outlook does not look promising. Government sources told Reuters this weak that the government is embarking on a review of unfinished projects to shelve some of them indefinitely as a cost-saving measure."



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