Arabtec takes a beating on Abu Dhabi bourse

Markets Update: Arabtec's share price plummets after the company reports a 15 per cent drop in annual profit.

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Arabtec Holding plummeted in early trading on Thursday after the country's biggest contracting company reported a 15 per cent decline in annual profits.

Arabtec's shares traded dropped 9.9 per cent to trade at Dh2.64 on the Abu Dhabi Securities Exchange.

Net income for the year reached Dh260.5 million, down from Dh307.1 million in the year earlier period.

Dubai's benchmark, the Dubai Financial Market General Index, was up 0.3 per cent to 1613.95 points.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2549.28 points weighed by the telecom sector. Etisalat, the country's largest operator, lost 0.4 per cent to Dh9.26. Property stocks rose. Aldar Properties, Abu Dhabi's biggest developer, added 0.9 per cent to Dh1.12. Sorouh, the capital's second biggest, gained 0.9 per cent to Dh1.12.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent 6175.00 points. Bahrain's measure was unchanged at 1157.38 points. Oman's MSM 30 Index was little changed at 5824.84 points. The Saudi Tadawul was closed for the day.