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Tuesday, 18 July 2017

MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt

MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt:

"Middle East stock markets fell on Tuesday as a tumble by real estate developer DAMAC caused Dubai to break a seven-session rising streak and weak corporate earnings helped to pull down Egypt's bourse.

The Egyptian blue chip index, which had closed at a record high on Monday, sank 1.7 percent in rising turnover - a negative technical sign. The broader EGX100 dropped 1.6 percent.

Ezz Steel plunged 10 percent after it reported a quarterly consolidated net loss after tax and minority interests of 521 million Egyptian pounds ($29.2 million), versus a loss of 137 million pounds a year ago."



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