MIDEAST STOCKS-Region falls, Drake & Scull's plunge dampens Dubai | Reuters:
Middle Eastern stock markets mostly fell on Wednesday as a plunge by loss-making construction firm Drake & Scull dampened Dubai and a late wave of selling in Saudi Arabian banks dragged down that market.
Dubai’s index fell 0.8 percent as Drake & Scull plunged its 10 percent daily limit to a record low of 0.405 dirham, bringing its losses this year to 82 percent.
The company said shareholders would meet on Sept. 27 to decide whether to dissolve the company, under an article of United Arab Emirates company law requiring firms to vote on whether they should continue operating if their accumulated losses have reached half of issued share capital.
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