DUBAI Feb 13 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
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)