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Wednesday, 28 June 2017

MIDEAST STOCKS-Dubai underperforms, Egypt's TMGH jumps on appointment of CEO | Reuters

MIDEAST STOCKS-Dubai underperforms, Egypt's TMGH jumps on appointment of CEO | Reuters:

"Stocks prone to speculative trade dragged Dubai's equity index down on Wednesday while Egypt's blue chip developer Talaat Mostafa outperformed on news its former chairman has been pardoned and named chief executive. Dubai's index fell 0.7 percent in the lowest daily volume in one year. Shares of builder Arabtec dropped 8.5 percent; on Wednesday the company said it has raised 1.5 billion dirhams in equity as part of its recapitalisation programme and "extinguished the company’s accumulated losses of AED 4.6 billion as at December 31 2016"."



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