Arabtec Holding PJSC (ARTC) slumped the most in a year on investor speculation a rally was overdone and after data showed Aabar Investments PJSC (AABAR) raised its stake in the United Arab Emirates’ biggest construction company.
Shares of Dubai-based Arabtec, up 104 percent so far this year, tumbled 7.1 percent, the most since March 2011, to 3.25 dirhams at the 2 p.m. close in the emirate. The company was the biggest decliner on Dubai’s measure, which dropped 3.7 percent, the most in more than a year. It was the world’s worst- performing index today, among 93 benchmarks tracked by Bloomberg.
Arabtec had rallied amid bets the company will benefit from regional infrastructure spending and secure contracts in Abu Dhabi, which said in January it plans to resume real-estate projects after reviewing their viability. Aabar, the Abu Dhabi government company which owns a stake in Daimler AG (DAI), increased its ownership to 5.28 percent, according to data posted on Dubai’s stock exchange.
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