By: Mahmoud Gamal
Dubai – Mubasher: DXB Entertainments’ stock declined to AED 0.912, its lowest level since August 2015, following the announcement of the company’s first-quarter losses.
The stock saw a turnover of AED 16.93 million generated from the exchange of 18.47 million shares through 238 transactions.
The stock was weighed down by higher accumulated losses incurred by the company, amid the company’s unclear strategy and expectations of suffering further losses, capital market analyst Mohamed Al Hosny told Mubasher.
DXB Entertainments suffered losses worth AED 291.8 million in Q1-17, compared to AED 38.35 million in Q1-16.
The company suffers from a rise in costs, in line with the increase of their entertainment projects’ sales prices, the analyst noted.
The stock declined after a GCC portofolio investor exited his investments, capital market analyst Doaa Farouk said.
Translated by: Julian Nabil
