MIDEAST STOCKS-Dubai Islamic drags Dubai, Global Telecom lifts Egypt | Reuters:
Dubai's stock market fell sharply on Wednesday, hurt by a fall in Dubai Islamic Bank, while Egypt rose, partly lifted by Global Telecom Holding rising on the prospect of going private.
The Dubai index dropped 1.1 percent, with Dubai Islamic Bank, the largest Islamic lender in the United Arab Emirates, sliding 4.4 percent in heavy trade, its biggest intra-day loss in nine months.
The bank reported a 15 percent rise in fourth-quarter net profit, but investors were disappointed when it proposed a cash dividend of 35 fils per share for 2018 after 45 fils in 2017, said Marwan Shurrab, head of high net worth and retail equities brokage at AlRamz Capital.
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