x Abu Dhabi, UAEFriday 19 January 2018

Fire sends Agility lower

Shares of Agility decline early morning after the logistics company reported a fire broke out at one of its warehouses on Sunday evening.

Investors sold shares of Agility, which fell to the lowest since September, after the Kuwaiti logistics firm reported a fire incident in one of its warehouses.

The fire broke out at one of its warehouses in Sulaibiya on Sunday evening. "The causes of the fire are unknown at this time and the company is working to determine the extent of its losses," the company said in a statement to the Dubai bourse. "Agility is working with its customers to minimise any disruptions to their options."

Shares fell 3 per cent to 475 Kuwaiti fils a share, at 11am in Dubai, the lowest since Sept 8. Kuwait's measure remained unchanged at 6917.70.

In Abu Dhabi, Aldar Properties fell four per cent to Dh2.02 a share, extending its losses from Sunday, as the company announced a funding plan late on Thursday under which the Abu Dhabi government would buy Dh10.9bn of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and issue a Dh2.8bn convertible bond.

The Abu Dhabi Securities Exchange General Index lost 0.6 per cent to 2695.64.

In Dubai, Arabtec Holding gained half a per cent to Dh1.84 after the Dubai contractor announced it had been awarded two contracts, one worth Dh219m with Abu Dhabi National Oil Company to build an underground car park in Abu Dhabi, another worth Dh137m in Egypt to build residential villas in Egypt. The Dubai Financial Market General Index remained unchanged at 1598.72.

Elsewhere in the region, Bahrain's index lost half a per cent to 1428.55. Oman's measure remained unchanged at 7029.73. Qatar's index also remained unchanged at 9242.63. The Saudi Tadawul All-Share Index gained 0.1 per cent to 6788.42.