18/07/2014 09:37 AST

Arabtec Holding Co, the largest listed construction company in the UAE, was suspended from trading on the Dubai bourse on Thursday pending clarification of its ownership.

The Dubai Financial Market, on instructions from the Securities and Commodities Authority (SCA), demanded Arabtec to respond to a report that Aabar Investments, its second-biggest investor, was in talks to increase stake.

A statement on the DFM website said Arabtec was suspended “awaiting clarification from the company on media reports about strategic partners’ stake.”

Last week, the SCA issued a statement saying it was establishing a new committee to ensure the soundness and integrity of share trading and prevent any manipulation of stock prices.

The state-owned Aabar Investments has been reportedly in talks to buy at least half of a 28.9 per cent stake held by the construction company’s former chief executive officer Hasan Ismaik.

Arabtec’s stock, which more than tripled earlier this year, lost 59 per cent in Dubai trading from June 5 to June 30 amid rumours about the downsizing of the stake held by Aabar Investments and the sudden exit of Ismaik. That dragged down the Dubai Financial Market General Index, which fell 23 per cent during that period. But later on as concerns eased that Aabar would divest its stake, the trend got reversed and the gauge entered a bull market on July 15 after adding 21 per cent.

On Thursday, stocks on Dubai bourse posted their biggest weekly gain since March. The DFM General Index increased 0.9 per cent to 4,903.46 at the close, the highest since June 8, bringing its weekly gain to 7.2 per cent.


Khaleej Times

Ticker Price Volume

ADX 4,830.22 29.32 (0.61%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ADIB 3.95 0.02 (0.50%)
FAB 13.80 0.10 (0.72%)
ADCB 7.01 0.00 (0.00%)
CBI 0.73 0.00 (0.00%)
UNB 3.77 0.07 (1.89%)

DFM 2,840.89 -2,290.83 (-44.64%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
EIB 10.00 0.00 (0.00%)
EMIRATESNBD 9.20 -0.18 (-1.92%)
EMAAR 5.10 -0.02 (-0.40%)
EMAARMALLS 2.05 0.00 (0.00%)
DIB 5.01 0.01 (0.20%)
Investors in UAE turn cautious after Lebanon blast

06/08/2020

The stock markets in the UAE and GCC were in a tug-of-war state as investors weighed positive news on the economic front and a ‘catastrophic’ overnight explosion in Lebanon that killed at least 100.<

Gulf News

GCC equity markets mostly positive in 2Q20

06/08/2020

GCC equity markets staged a strong recovery in the latter part of 2Q20, reversing a large part of the prior losses induced by the coronavirus and its associated lockdowns and restrictions. The recove

The Peninsula

MSM ends the week up despite lower volumes and turnover

05/08/2020

The MSM 30 Index closed the week up by 0.12 per cent despite lower volume and turnover as compared to the previous week. Shariah index was down by 0.07 per cent. The turnover and volumes were lower t

Oman Daily Observer

ADX announces listing of $4 billion MDGH bonds

05/08/2020

Abu Dhabi Securities Exchange (ADX) announced on Tuesday that it has listed $4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding (MDGH).

The Gulf Today

UAE issuers are hitting a rich vein with bonds

20/06/2020

Leading UAE banks have come to the bond market, and they are getting a warm response. Sharjah Islamic Bank priced its $500 million 5-year sukuk at LIBOR plus 285 bps, and received more than $3.4 bil

Gulf News