June 26, 2018 / 2:00 PM / 3 months ago

MIDEAST STOCKS-Real estate and construction weigh on Dubai; Saudi slips

* DSI slumps 10 pct for second day

* Emaar Properties, Damac Properties also down

* SABIC, Samba drag on Saudi

* Egypt index slumps 1.6 percent

By Tom Arnold

DUBAI, June 26 (Reuters) - Real estate and construction companies weighed on the Dubai market on Tuesday as Drake & Scull mined new multi-year lows and Saudi stocks also slipped.

DSI shares fell ten percent for a second day running to close at 0.81 dirhams ($0.22) per share, its lowest for at least five years. Retail investors have been offloading the stock amid concerns about its business outlook, while investors have also been worried about the outcome of an ongoing investigation into its former management team.

Emaar Properties, the largest stock on the index, fell 1.2 percent, while Damac Properties fell 2.2 percent and Union Properties was down 4.3 percent.

Anxiety about the outlook for Dubai’s property market has weighed on Dubai’s stock market in recent months amid concerns about an oversupply in units.

The Dubai index fell 1.1 percent to its lowest level for the year and its lowest level since January 2016.

Saudi stocks ended 0.5 percent lower as investors shed some blue-chip stocks after a strong rally linked to Riyadh’s inclusion in the MSCI emerging market benchmark.

Saudi Basic Industries Corporation was down 0.9 percent, while Samba Financial Group was down 1.5 percent. Both have been among the beneficiaries of this year’s surge in Saudi stocks.

The Saudi index is up 14.8 percent year to date.

Qatar’s index slipped 0.5 percent, with Qatar Islamic Bank and Qatar Electricity and Water Co the main weights, falling 2.3 percent and 1.4 percent, respectively.

SAUDI ARABIA

* The index dropped 0.5 percent to 8,299 points.

DUBAI

* The index fell 1.1 percent to 2,836 points.

ABU DHABI

* The index added 0.6 percent to 4,566 points.

QATAR

* The index lost 0.5 percent to 8,895 points.

KUWAIT

* The index rose 1.1 percent to 4,922 points.

BAHRAIN

* The index was flat at 1,302 points.

OMAN

* The index lost 0.3 percent to 4,570 points.

EGYPT

* The index fell 1.6 percent to 16,197 points. $1 = 3.6730 UAE dirham) (Reporting by Tom Arnold Editing by Alexandra Hudson)

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