Saudi loses momentum DUBAI, June 25, (RTRS): Dubai stocks slumped on Monday to its lowest since January 2016, led by losses in contractor Drake & Scull, while Saudi stocks slipped after gains ahead of index compiler MSCI’s move to lift Riyadh to its emerging markets benchmark. Drake & Scull shares fell ten percent to close at 0.9 dirhams on retail selling after it fell below a key support level of one dirham. Concerns about Drake & Scull’s business outlook and ongoing investigations against its previous management are weighing on the stock, traders said. The stock is down over 60 percent so far this year. The Dubai index fell 2.1 percent to close 2,868 points, a new low for the year and its lowest level since January 2016. Air Arabia posted fresh losses as investors remained anxious about its exposure to embattled private equity firm Abraaj, which earlier this month had filed for provisional liquidation. The stock closed 1.5 percent lower. Among blue-chips, Emaar Properties fell 2.7 percent and Dubai Islamic Bank dropped almost 2 percent, giving up some of the recent gains on the back of its successful rights issue. Saudi stocks ended 0.1 percent lower as investors paused after… Read full this story
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