MIDEAST STOCKS-Dubai tumbles on Arabtec; Saudi Q2 earnings disappoint | News by Country | Reuters:
"Dubai's stock market plunged on Sunday as builder Arabtec triggered another sell-off, while investors in Saudi Arabia and Qatar were disappointed by fresh quarterly earnings reports.
The slide in Dubai illustrated the extent to which the market remains dominated by a single stock, its most heavily traded counter in recent weeks, which is prey to wild swings because of frenzied trading by retail investors and short-term speculators.
Arabtec plunged its daily 10 percent limit after Aabar Investments, one of its major shareholders, did not confirm a media report which said Aabar was in talks to increase its stake. Dubai's main index closed 6.0 percent lower."
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