Arabtec denies reports on Egypt project, DFM falls

Dubai stocks opened slightly lower on Wednesday morning, as oil prices slipped and Asian markets gave out mixed signals.

The Dubai Financial Market General Index fell 1.8 per cent at the open before paring losses, trading down about 0.41 an hour after the bell.

Dubai Investments was down around 1.2 per cent, Emaar Properties was trading around 0.6 per cent lower.

Shares in Arabtec Holding were down around 1.6 per cent, after the company denied reports in the Arabic media that it would only complete the first phase of its project to develop one million homes in Egypt.

The project, at one time expected to be worth US$40 billion. was agreed with the Egyptian military in March of last year.

Abu Dhabi’s headline index was trading down around 0.1 per lower after the first hour of trading.

Oil prices fell on Wednesday morning, with US government data to be released later today expected to confirm a rise in domestic oil inventories. Brent crude futures were down around $1.12 at $48.44 a barrel.

Asian stock markets opened broadly in the red, the Nikkei and Hang Seng trading down 0.82 and 1.01 per cent respectively. However South Korea’s Kospi was largely unchanged, trading up around 0.05 per cent.

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