The Dubai index dropped 1.0 percent as Arabtec sank 7.4 percent to 0.925 dirham, falling below technical support on its December 2015 low of 0.93 dirham.
The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue.
Abu Dhabi's index lost 0.5 percent as Dana Gas tumbled 6.1 percent after revising down its unaudited preliminary results for 2016 to a net loss of $88 million from the net profit of $33 million which it had previously reported.
AdvertisementIt cited a ruling by London's Court of International Arbitration earlier this month in its dispute with the Kurdistan Regional Government; the ruling reduced unrealised interest recorded on Dana's books.
In Saudi Arabia, the index fell 0.4 percent in the first hour of trade in broad-based profit-taking.
Arabian Cement rose 2.4 percent after its board recommended a cash dividend of 2 riyals per share for the second half of 2016.
(Reporting by Andrew Torchia; editing by John Stonestreet) ((email@example.com; +9715 6681 7277; Reuters Messaging: firstname.lastname@example.org))
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