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Arabtec loss hits DFM

Dubai - Arabtec shares fell 5.4 per cent in Dubai to Dh2.11, the lowest since March 26.

The benchmark DFM General Index fell on Sunday to the lowest since March after Arabtec Holding, the biggest publicly-listed builder in the UAE, reported a loss for the third straight quarter.
Arabtec shares fell 5.4 per cent in Dubai to Dh2.11, the lowest since March 26, after the it reported a second-quarter loss on the back of rising costs and a difficult trading environment. The latest slump brought Arabtec's decline this year to 24 per cent, compared with a 4.2 per cent gain for Dubai DFM gauge. Abu Dhabi's ADX General Index retreated 1.3 per cent.
First Gulf Bank lost 1.7 per cent, poised for a fourth day of losses and leading declines in Abu Dhabi. The bank accounts for 27 per cent of Abu Dhabi's index of equities. Abu Dhabi Commercial Bank and National Bank of Abu Dhabi also headed for at least the third day of losses.
Arabtec's losses attributable to shareholders for the second quarter amounted to Dh718.3 million, compared to a net profit of Dh102.4 million in second quarter 2014.
According to the Cairo-based investment bank EFG-Hermes Holding, UAE equities will see passive outflows of $17 million after the country's weighting was reduced one basis point to 0.83 per cent on MSCI's Emerging Markets Index.
Elsewhere in the Gulf, Saudi Arabia's stock market fell sharply leading losses in a generally gloomy Middle East after oil prices remained depressed for weeks.
The main Saudi index dropped as much as three per cent to 8,419 points, its lowest level since late January, before closing down 2.5 per cent, led by Jabal Omar Development.
Kuwait's gauge retreated 0.6 percent, while Bahrain's fell 0.2 percent. Oman's MSM30 Index lost 0.4 percent.
Qatar's QE Index advanced 0.1 per cent, led by Ezdan Holding Group.
In Egypt, the EGX 30 Index declined 2.1 per cent to 7,712.72, the lowest level in a month after Juhayna Food Industries tumbled 7.5 per cent, the biggest decliner by percentage points. In Saudi Arabia, the Tadawul All Share Index decreased 2 per cent led by Jabal Omar Development Co.
- issacjohn@khaleejtimes.com