Dubai's index retreated for a third straight session on Wednesday, weighed down by builder Arabtec (ARTC.DU: Quote) which fell after the regulator imposed a six-month trading ban on its chief executive.
Arabtec dropped 2.5 percent, and the company's chief executive Riad Kamal said his suspension from trading in UAE markets was due to his oversight in selling shares prior to the announcement of projects. [ID:nLDE7040BB]
'Obviously we will see some short-term impact, as there is no transparency about the issue at this point,' said Robert McKinnon, ASAS Capital chief investment officer.
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