Arabtec declined for a second day amid concern from investors over speculation surrounding the Dubai contracting company’s two biggest shareholders.
“There’s wild rumours on Arabtec,” said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
Arabtec’s stock declined as much as 6.7 per cent during the first half of the trading session on Thursday before recovering some of the losses by the second half. At the close, the stock was down 0.4 per cent to Dh4.43. On Wednesday, the shares fell 9.1 per cent to Dh4.45.
The volatility came amid speculation that Aabar Investments, the company’s second biggest shareholder, won approval from the market watchdog to sell 100 million shares.
Hasan Ismaik, the former chief executive, has been looking to sell his stake in the company since June but has not reached a deal with Aabar. Late last month, he rejected an offer of Dh5 a share.
Most of the trading was focused on stocks that are dominated by retail investors.
Gulf Finance House, the Bahrain-based investment bank, rose 2.6 per cent to 51 fils a share. Union Properties, the Dubai developer, rose 1.4 per cent to Dh2.11. Emaar was up 0.4 per cent to Dh11.
The Dubai Financial Market General Index rose 1 per cent to 4,961.03 points, while the Abu Dhabi Securities Exchange General Index also gained a similar 1.2 per cent to 5,180.23.
“For now, it’s very much a short-term momentum-driven market,” Mr Khokhar said. “But the fundamentals of the economy are all very strong.”
halsayegh@thenational.ae
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Indika
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3rd Test July 27-31 at The Oval, London
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Started: 2017
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Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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