MIDEAST STOCKS-Cement companies hold back Saudi index, Dubai's Arabtec shines

Wed Apr 19, 2017 1:52pm GMT
 

* Saudi cement sector under pressure from weak Q1, poor outlook

* Mid-sized banks buoyed by Q1 results

* Dubai's Arabtec soars on shareholder approval of capital plans

* Blue chips support Abu Dhabi

* Qatar underperforms; all blue chips have paid 2016 dividend

* Egypt index falls on profit-taking

By Celine Aswad

DUBAI, April 19 (Reuters) - Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan.

Riyadh-listed Arabian Cement slid by 5 percent after reporting net profit for the three months to March 31 down 55 percent year on year, citing lower sales volumes and prices.   Continued...

 
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