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MIDEAST STOCKS-Dubai's Arabtec set to drop on wider net loss
February 13, 2017 / 6:07 AM / 10 months ago

MIDEAST STOCKS-Dubai's Arabtec set to drop on wider net loss

DUBAI, Feb 13 (Reuters) - 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 dirhams.

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)

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