Shares in Arabtec Holding dragged Dubai equities lower yesterday on a subdued day for regional bourses.
The Bloomberg GCC 200 Index finished the day 0.8 per cent lower, with only the Bahrain Bourse All Share Index finishing in positive territory, even as oil prices and other emerging market indexes recorded modest gains.
Shares in Dubai led losses across the region, finishing 1.2 per cent lower at 3,603.98, as fresh falls by Arabtec Holding sparked a sell-off in other real estate names.
Arabtec shares closed 9.9 per cent lower at 90 fils, their lowest level in over five years, following record losses and uncertainties surrounding a Dh1.5 billion rights issue. The stock has lost a third of its value since the start of last week.
“There was a follow-up sell-off of Arabtec shares after a pause for a few sessions, [which] got some panic in the market, with shares in real estate and construction hit the hardest,” said Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.
Emaar Properties finished 2.5 per cent lower at Dh7.45, with Union Properties, Deyaar Development and Drake & Scull International all finishing down by more than 3.5 per cent.
DXB Entertainment was the pick of seven gainers, closing up 9.4 per cent at Dh1.16.
The Abu Dhabi Securities Exchange General Index finished 0.9 per cent lower, thanks to falls by Etisalat and FGB. Shares in Dana Gas fell 4.1 per cent to 47 fils, after the energy firm restated its 2016 earnings to show a loss of Dh323 million due to reduced interest payments, after having previously reported a profit of Dh121m for the year.
jeverington@thenational.ae
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