MIDEAST STOCKS-Dubai hits lowest since Jan 2016 on DSI, Saudi loses momentum | Reuters:
Dubai stocks slumped on Monday to its lowest since January 2016, led by losses in contractor Drake & Scull, while Saudi stocks slipped after gains ahead of index compiler MSCI’s move to lift Riyadh to its emerging markets benchmark. Drake & Scull shares fell ten percent to close at 0.9 dirhams on retail selling after it fell below a key support level of one dirham. Concerns about Drake & Scull’s business outlook and ongoing investigations against its previous management are weighing on the stock, traders said. The stock is down over 60 percent so far this year.
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