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MIDEAST STOCKS-Arabtec drags Dubai lower, other markets mixed
February 13, 2017 / 8:17 AM / 10 months ago

MIDEAST STOCKS-Arabtec drags Dubai lower, other markets mixed

DUBAI, Feb 13 (Reuters) - Shares in Dubai’s Arabtec slumped in morning trade on Monday after the builder reported a larger fourth-quarter net loss which sapped risk appetite in that market while other markets were mixed.

Arabtec plummeted 9.8 percent after it made a net loss of 2.95 billion dirhams ($803.4 million) in the three months to Dec. 31.

The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million dirhams a year earlier.

Arabtec also said its board approved a proposed capital restructuring plan and a 1.5 billion dirhams rights issue, pending investor consent at the next general meeting.

Dubai’s main index pulled back 1.2 percent with nine-tenths of the traded shares falling.

Gulf Navigation Holding fell 2.4 percent despite the company reporting a jump in profit.

In neighbouring Abu Dhabi, the index fell 0.6 percent with Dana Gas, which reported weaker results last week, down 3.9 percent.

Saudi Arabia’s index, however, was up 0.1 percent in thin trade after 40 minutes with the number of advancing shares outnumbering decliners 58 to 56.

Most mid-sized petrochemical producers were bid up with Saudi Industrial Investment Group up 4.8 percent.

Shares in Saudi Airlines Catering added 0.6 percent after it signed a 44 million riyals ($11.73 million)contract with Saudi Airlines to construct, operate and manage the first class lounge at Cairo International Airport. The contract is for five years and the positive impact of the deal will be reflected in the second quarter of 2017.

$1 = 3.7506 riyals Reporting by Celine Aswad; editing by Jason Neely

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