MIDEAST STOCKS-Dubai's DSI slumps on more write-offs, oil below $50 sours sentiment | Reuters:
"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. Dubai's stock index fell 1.0 percent as DSI plummeted 9.9 percent to 0.399 dirham after a shareholder meeting held on Thursday. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable receivables, and the market - rightfully so - was reacting to that as it would effectively dilute current shareholder value by up to 75 percent, more than previously anticipated," said Allen Sandeep, head of equity research at Naeem Brokerage in Cairo."
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