Investors watch a monitor at Dubai Financial Market April 27, 2014. REUTERS/Mounir Saidi
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Disappointing company earnings, falling oil prices and a wave of terrorism culminating in Friday's attacks in Paris unsettled investors leading to losses in almost every Middle Eastern market. Dubai's DFM General Index dropped 3.7 percent, the most in almost three months, after Drake & Scull International PJSC became the latest United Arab Emirates construction company to report losses. Egypt's EGX30 Index tumbled 4.1 percent at 12:58 p.m. in Cairo to the lowest since December 2013 and Saudi Arabia's Tadawul All Share Index sank the most in almost three weeks. The Bloomberg GCC 200 Index, which tracks the top 200 companies in the six-nation Gulf Cooperation Council, was headed for the lowest since May 2013 .Drake & Scull joined larger rival Arabtec Holding Co. in reporting losses because of "challenging market conditions" after a more than 40 percent drop in Brent crude prices in the past 12 months led to deferred payments and project declines across the GCC. The company's shares fell 9.3 percent and Abu Dhabi's ADX General Index decreased 2.5 percent.Eshraq Properties Co. was the third-most traded stock in the emirate after it posted a third-quarter loss of 2.7 million dirhams compared with a 109 million dirham profit in the same period last year.
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