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Thursday, 4 May 2017

MIDEAST STOCKS-Dubai's Arabtec shines, Egypt rises in slack markets | Reuters

MIDEAST STOCKS-Dubai's Arabtec shines, Egypt rises in slack markets | Reuters:

"Arabtec's shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region's markets which followed global bourses and oil prices lower on Thursday. "The return to profitability (at Arabtec) is a good indicator and we believe there will be no negative surprises in the near term," said Allen Sandeep, head of equities research at Naeem Brokerage. Arabtec's board approved a 1.5 billion dirham rights issue on Monday and Sandeep maintained a "hold" rating on its shares until after the capital hike is completed this month, when he will reassess his recommendation."



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