MIDEAST STOCKS-Gulf moves sideways, GFH and Union Properties recover a bit in Dubai

MIDEAST STOCKS-Gulf moves sideways, GFH and Union Properties recover a bit in Dubai:

"Gulf stock markets mostly moved sideways in quiet trade early on Wednesday although two major stocks in Dubai, GFH Financial and Union Properties, rebounded modestly after sharp losses on the previous day. The Dubai index was flat as GFH, the most active stock, rose 4.0 percent. It had plunged 12.9 percent over the previous two days as it acquired a $1.2 billion infrastructure portfolio in Africa and the Middle East, funding it with a $315 million capital increase that took issued and paid-up capital to $975 million - a big dilution for minority shareholders. Union Properties edged up 0.5 percent after sinking 4.3 percent on Tuesday, when it reported a 2.29 billion dirham ($624 million) net loss for the second quarter because of big provisions to cover past accounting errors. "



'via Blog this'