DUBAI Feb 20 Gulf stock markets mostly fell in
early trade on Monday with Dubai leading the slide, dragged down
by a decline in construction firm Arabtec to a
The Dubai index dropped 1.0 percent as Arabtec
sank 7.4 percent to 0.925 dirham, falling below
technical support on its December 2015 low of 0.93 dirham.
The company reported a week ago that its net loss had
widened in the fourth quarter and that its board was seeking
shareholder approval for a 1.5 billion dirham ($408.4 million)
Nine of the 10 most heavily traded stocks in Dubai fell
although DXB Entertainments climbed 4.7 percent.
Courier Aramex edged up 0.2 percent after its board
recommended paying a cash dividend of 16 percent of paid-up
capital for 2016, up from 15 percent for 2015.
Abu Dhabi's index lost 0.5 percent as Dana
Gas tumbled 6.1 percent after revising down its
unaudited preliminary results for 2016 to a net loss of $88
million from the net profit of $33 million which it had
It cited a ruling by London's Court of International
Arbitration earlier this month in its dispute with the Kurdistan
Regional Government; the ruling reduced unrealised interest
recorded on Dana's books.
In Saudi Arabia, the index fell 0.4 percent in the
first hour of trade in broad-based profit-taking.
Arabian Cement rose 2.4 percent after its board
recommended a cash dividend of 2 riyals per share for the second
half of 2016.
(Reporting by Andrew Torchia; editing by John Stonestreet)