x Abu Dhabi, UAEFriday 28 July 2017

Credit Suisse price cut plays on Dubai shares

Markets Update: Dubai shares slump on Sunday after Credit Suisse cuts the price estimate of shares on two contractor stocks on Thursday - with video.

Dubai shares fell to the lowest in a week on today after Credit Suisse cut the target price on Drake and Scull (DSI) and Arabtec Holding on Thursday.

DSI, listed on the Dubai Financial Market, was down 1.1 per cent to 87 fils a share.

The fair value of the stock was lowered to Dh1.26, from Dh1.30 a share on 'lower margin estimates' on Thursday at Credit Suisse.

Arabtec Holding was unchanged at Dh1.37 a share. Its price target was cut to Dh1.34 a share from Dh1.47 'on the back of slowing contract awards', the Swiss bank said.

The Dubai Financial Market General Index was down 0.3 per cent to 1475.06 points.

In the capital, the Abu Dhabi Securities Exchange General Index was down 0.2 per cent to 2594.33 points.

Elsewhere in the region, Kuwait's index was down 1.4 per cent to 5954.30 points. Bahrain's index was little changed at 1270.50 points. Oman's measure was down 0.1 per cent to 5727.46 points. Qatar's index was little changed at 8360.45 points. The Saudi Tadawul All-Share Index was up 0.2 per cent to 6138.06 points.