MIDEAST STOCKS-Major markets sag, Dubai's DSI surges after loss:
"Major Gulf stock markets fell on Wednesday, partly because of retreating global equities and oil prices, though builder Drake & Scull surged in Dubai despite a heavy quarterly loss. The Saudi Arabian Capital Market Authority (CMA) issued a statement before the market opened saying that listed companies would be exempt from publishing fourth-quarter financial statements because they are transitioning to the International Financial Reporting Standards style of accounting. This surprised many fund managers, but the Arabic version of the statement said the exemption applied to “preliminary” financial statements, which seemed to imply that companies would still have to release final statements at a later date."
'via Blog this'
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