Business | Markets
Dubai stock market slumps as Arabtec goes down nearly 10 per cent
Arabtec plummeted 9.65 per cent on news Meydan LLC has cancelled a $1.3 billion racecourse construction deal with the firm.
- Agencies
- Published: 14:33 January 6, 2009
Dubai: Arabtec plummeted 9.65 per cent on news Meydan LLC has cancelled a $1.3 billion racecourse construction deal with the firm.
Dubai's Meydan LLC, which in 2007 commissioned a 50-50 joint venture between Malaysian construction firm WCT Bhd and Arabtec to build the racetrack, said on Monday it had cancelled the contract "because of non-adherence to the agreed time schedule for construction".
The index ended 1.09 per cent lower at 1,743 points.
In Abu Dhabi, the index rose 1.18 per cent to 2,555 points, boosted by a rally in global markets.
First Gulf Bank added the most points to the index, soaring 8.12 per cent.
Qatari shares ended lower after closing higher for the past six sessions as investors hold back, awaiting fourth quarter results.
Commercial Bank of Qatar plummeted 8.66 per cent, while Doha Bank and Qatar Islamic Bank fell 4.87 per cent and 2.68 per cent respectively.
Industries Qatar declined 4.05 per cent.
The benchmark lost 3.39 per cent to 6,448 points.
In Kuwait, the index edged 0.3 per cent higher to 7,500 points. Mobile Telecommunications Co added 6.76 per cent.
Oman's index ended 3.84 per cent lower at 5,443 points amid low volumes as investors hold off ahead of fourth-quarter results season.
Bank Muscat lost 6.25 per cent and National Bank of Oman declined 4.2 per cent.
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