Arabtec Holding Co., the United Arab Emirates’ biggest construction company, fell the most in more than three weeks on speculation a seven-day rally was overdone.
The shares declined 1.5 percent, the most since Jan. 16, to 2.66 dirhams at the 2 p.m. close in Dubai. The stock had soared 44 percent in the seven days through yesterday, bringing its gain this year to 67 percent. Arabtec was the most-traded stock and second-biggest decliner on Dubai’s DFM General Index, which rose 0.6 percent.
“With no official news from the company’s management or the market regulator on the reason for Arabtec’s share price, we expect a correction to take place,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital.
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