|09 August, 2018

Drake and Scull weights on DFM, with contractor now down 77.9% so far this year

DSI drops 9.9 percent for the second day in a row

Drake and Scull weights on DFM, with contractor now down 77.9% so far this year

Drake and Scull International (DSI) was down 9.9 percent for a second consecutive session on Thursday and was the most traded stock in volumes on Dubai’s index.

Concerns about the company’s financial position, business outlook and the outcome of an investigation by United Arab Emirates authorities into alleged financial violations by previous management have led the stock to lose 77.9 percent so far since the start of the year (Read more).

The company announced on Tuesday 7th of August that it will hold its Board of Directors meeting on Monday 13th of August to review and approve unaudited financial results for the second quarter of 2018.


Dubai’s stock market dropped 0.9 percent on Thursday, mainly dragged down by DSI’s sharp drop.

Shares in Emirates NBD also dropped 2.9 percent, also weighing on Dubai’s index.

Neighbouring Abu Dhabi’s index closed 1 percent lower, Kuwait’s index dropped 0.1 percent, Qatar’s index dropped 0.7 percent, while Bahrain’s index added 0.2 percent and Oman’s index retreated 0.1 percent.

Saudi Arabia’s index was trading 0.2 percent lower by 10:56 GMT, while Egypt’s main index added 0.57 percent.

(Writing by Gerard Aoun; Editing by Shane McGinley) 

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