Arabtec Holding's stock slumped for a third consecutive day yesterday, helping to drag the Dubai Financial Market General Index down by 1.9 per cent yesterday.
The builder fell by a further 9.9 per cent to close at Dh2.17, the lowest level since February last year as investors shied away from the prospect of a rights issue. Arabtec shares have fallen 26.7 per cent in three days - knocking a total of 42.6 per cent off the DFM index. It closed at 1,899 points yesterday.
Arabtec's slide follows the announcement on Thursday that it would undertake a Dh4.8 billion rights issue and issue a further Dh1.6bn of convertible bonds.
"With this new rights issue some investors are saying they are not willing to pay up any more. They don't want to see their share capital diluted and so they are exiting at this point before the discounted rights issue," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi. The Abu Dhabi Securities Exchange General Index fell 0.3 per cent to 3,026 points as share prices dwindled for the soon-to-merge property developers Aldar and Sorouh.
Aldar fell 5.2 per cent to Dh1.47 and Sorouh 3.7 per cent to Dh1.81 following the companies' extraordinary general meetings on Sunday giving shareholder backing to the Dh47bn merger.
"This is speculative profit taking from short-term investors," Mr Khokhar added. "Now that it is a done deal there is nothing for them left to play for. They've had a very good run and are now taking their profits."
News that China is taking steps to curb property prices also dampened the mood for property and construction securities on both exchanges - among the decliners were RAK Properties, Eshraq Properties, Drake & Scull International and Emaar Properties, the largest developer in the UAE.
lbarnard@thenational.ae
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
