Abu Dhabi Ship Building shares drop as chief executive plans to leave the helm

Markets latest: Abu Dhabi Ship Building stocks sink after the company's chief executive says he will leave the helm.

Abu Dhabi Ship Building shares sank by 6.6 per cent in early trading after the company's chief executive announced he would stand down in two week's time.

Mohamed Salem Al Junaibi would be replaced at the end of the year by Ian Pike, the company's chief operating officer.

The stocks, which have lost 37.5 per cent of their value year-to-date, fell 6.6 per cent to 98 fils each in early trading.

The Dubai Financial Market General Index was flat at 1,585.00, while the Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,617.84.

In Dubai, gains for Aramex, Gulf Navigation and Shuaa Capital were balanced by declines at Emaar Properties, which fell the most in four weeks.

In the capital, Dana Gas snapped a three day streak of gains after it completed a restructuring agreement last week, falling 4.1 per cent to 46 fils each.

Elsewhere in the Gulf, Kuwaiti stocks edged 0.2 per cent upwards, while the Qatar Exchange index slipped 0.1 per cent.

The Saudi Tadawul ended yesterday's trading session up 0.8 per cent at 6,823.80, led by heavyweight stocks including Sabic and Saudi Telecom.



Published: December 17, 2012 04:00 AM


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