MIDEAST STOCKS-Gulf falls with oil but UAE's Union Properties, TAQA jump

Thu Apr 20, 2017 1:28pm GMT
 

* Dubai's Arabtec corrects after Wednesday's surge

* Abu Dhabi's TAQA jumps on possible U.S. asset sales

* Qatar's Gulf International Services slumps on weak Q1

* Saudi is worst-performing index for the week

* Egypt's Orascom Construction up on new U.S. facility

By Celine Aswad

DUBAI, April 20 (Reuters) - Profit-taking and weak first-quarter earnings weighed on Gulf stock markets on Thursday, with Saudi Arabia's index pulled lower by petrochemical shares after oil prices fell sharply, but Dubai's Union Properties and Abu Dhabi's TAQA bucked the trend.

Dubai's index lost 1.0 percent as financially troubled builder Arabtec, which had jumped almost 11 percent on Wednesday after shareholders approved its capital restructuring plan, retreated 4.4 percent.

Union Properties, however, leapt 5.8 percent to close at 1.03 dirhams in its heaviest trade since Jan. 23 and accounted for almost half of trading volume on the exchange. It ended off its intra-day high of 1.12 dirhams, failing to conclusively break chart resistance at the end-February peak of 1.07.   Continued...

 
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