Dubai builder Arabtec surges 15 percent, helping lift the emirate's index to a four-week high after Abu Dhabi fund Aabar Investments nearly doubled its stake in the firm to 10.45 percent.
Shares in Arabtec jump 15 percent to finish at their highest price level since March 5.
State-owned fund Aabar bought shares equal to a 5.13 percent stake through its unit Aabar Real Estate, a bourse filing showed. It already owned 5.3 percent under Aabar Petroleum.
"The share price movement is linked to the shareholding structure and speculation on whether Aabar will continue to increase its stake," says Sebastien Henin, portfolio manager at The National Investor. "It's not about valuations right now."
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