MIDEAST STOCKS-Drake and Scull jumps in Dubai, outperforming weak Gulf markets | Reuters:
Gulf markets opened in negative territory on Sunday mirroring a slump in global stocks late last week.
In Dubai the index shed 0.2 percent in early trade, but contractor Drake and Scull International (DSI) outperformed, jumping 7.3 percent to 0.44 dirhams ($0.1198) after the company said a majority of shareholders approved the company continuing its business at a general assembly last Thursday.
DSI, which has faced mounting losses since 2015, called a shareholder meeting in accordance with UAE companies’ law, which states that shareholders must decide on whether to dissolve a company if its losses amount to half of its issued share capital.
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