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Tuesday, 16 May 2017

MIDEAST STOCKS-Dubai's DSI slumps, DAMAC surges on index entry in generally flat region | Reuters

MIDEAST STOCKS-Dubai's DSI slumps, DAMAC surges on index entry in generally flat region | Reuters:

"Dubai-listed builder Drake & Scull plummeted in response to its first-quarter results, while Dubai real estate firm DAMAC jumped on news that MSCI would add it to an index, in otherwise largely flat Gulf markets early on Tuesday. DSI slumped 7.6 percent to 0.352 dirham, a 15-month low, after it reported a first-quarter net loss attributable to shareholders of 722.5 million dirhams ($196.9 million) versus a profit of 9.8 million dirhams in the year-ago period. The company is in the midst of a capital restructuring plan to wipe out its accumulated losses, and has said it expects to receive a capital injection of 500 million dirhams from a strategic investor by mid-2017."



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