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Dubai stocks drop most in 7-weeks on Arabtec concerns

Dubai stocks drop most in 7-weeks on Arabtec concerns
Arabtec Holding
ARTC
-3.29% 0.53 -0.02

Shares on the Dubai bourse fell most since July on Wednesday, smacked by shares in Arabtec which saw its worst daily loss in months.

The Dubai benchmark stock index, DFMGI, slumped 3.36% to 4912.14 points, its lowest close in seven weeks.

“Arabtec came back to hurt the market again amid rumors about Ismaik’s stake sale, which spurred a selloff streak,” said Rami Sidani, head of Gulf Research at Schroders.

Shares in Arabtec, the heaviest traded stock in UAE, plunged 9.2% in a heavy trade, while shares in Emaar lost 2.7%.

Arabtec was at the center of a selloff in June that wiped more than 20%. off the value of the benchmark index.

Turnover came in AED 1.89 billion, through the trade of 568.07 million shares.