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Wednesday, 24 May 2017

MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt | Reuters

MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt | Reuters:

"Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments (DXBE) continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike.

DXB Entertainments slid by 3.1 percent to 0.782 dirhams, its lowest level since early 2015. The stock has tumbled 40 percent this year on low attendance figures at its parks, a wider net loss in the first quarter and a warning that attendance numbers could suffer further during the hot summer months.

Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151 million to buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a start-up established by Rocket Internet."



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