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Monday, 8 May 2017

MIDEAST STOCKS-Dubai's Drake & Scull continues heavy losses, region mixed | Reuters

MIDEAST STOCKS-Dubai's Drake & Scull continues heavy losses, region mixed | Reuters:

"Shares of builder Drake & Scull (DSI) continued to sink in early trade on Monday heading for a second day of heavy losses on its revised recapitalisation programme while markets across the region were mixed. Dubai's DSI was down 5 percent to 0.379 dirhams after an hour of trade, heading to a 14 month low. The stock plummeted 9.9 percent on Sunday on news that at a shareholder meeting at the end of last week the company had increased its write off by up to 722 million dirhams, in addition to a previously planned reduction of 992 million dirhams. This would effectively further dilute current shareholdings."



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