DUBAI Feb 13 Dubai's Arabtec is set
to slump on Monday after the company reported a fourth-quarter
net loss, while the regional markets may remain steady tracking
international bourses and on flat oil prices.
Builder Arabtec reported a wider loss in the fourth quarter
to 2.95 billion dirhams ($803.38 million) versus a net loss of
407 million dirhams in the corresponding period of 2015.
The board approved a proposed capital restructuring plan and
a 1.5 billion dirhams rights issue.
Arabtec shares dropped 2.2 percent to 1.32 dirhams in the
previous session, underperforming the general market. The stock
faces technical resistance at its mid-December low of 1.28
Contractor Drake & Scull may weigh on Dubai's main
index performance ahead of earnings expected to be out
later in the day.
Elsewhere, investors will likely stay on the sidelines as
Brent futures remained a little over $56 a barrel and
Asian shares were firm; MSCI's broadest index of Asia-Pacific
shares outside Japan gained 0.4 percent.
(Reporting by Celine Aswad; Editing by Sherry Jacob-Phillips)