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Article: UAE Stocks Slip; Drake & Scull Tumbles 26 Per Cent on Debut.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- March 18, 2009
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Summary: DUBAI - Property and construction stocks dragged UAE shares down on Monday. Engineering and construction contractor Drake & Scull plunged 26 per cent below its offer price on its trading debut. The Dubai Financial Market benchmark index ended 1.04 per cent lower at 1,509.7. The Abu Dhabi Securities Exchange main index inched down 0.74 per cent to 2,311.11.
"The Aa rest of the Dubai market drifted lower in the absence of retail focus, but the index managed to close above the 1500 level which is becoming a key psychological point," said Matthew Wakeman, managing director at C EFG Hermes.
Arabtec Holding, the country's biggest construction company ...