MIDEAST STOCKS-Gulf sluggish early on, Union Properties plunges on Q2 loss:
"Gulf stock markets were mostly slugggish in early trade on Tuesday with Union Properties plunging after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter. Union Properties said it was taking big provisions to cover past accounting errors related to its booking of a 503 million dirham gain on a plot of land at Dubai's Motor City. The errors were discovered as a new board and senior management, appointed in May, conducted an investigation of accounting practices dating back to 2013, the company said; its stock sank 7.9 percent to 0.789 dirham. Trading volume in Union Properties was about half half the market's entire volume."
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