Dubai Stocks Extend Declines Led by Arabtec Amid Iraq Violence - Bloomberg

Dubai Stocks Extend Declines Led by Arabtec Amid Iraq Violence - Bloomberg:



"Dubai’s shares fell to the lowest level in more than two months as Arabtec Holding Co. (ARTC) tumbled and unrest in Iraq escalated.



The DFM General Index (DFMGI) dropped 3.1 percent to 4,468.67, the lowest since March 31, at the close. The gauge, which retreated as much as 5.2 percent during the day, was the the worst performer among more than 90 tracked globally by Bloomberg. Arabtec slid 10 percent, the maximum allowed, and Emaar Properties PJSC (EMAAR), the stock with the biggest weighting on the measure, retreated 3.2 percent.



Arabtec shares sank to 4.05 dirhams, the lowest since March 25 and a 45 percent decline from a record 7.40 dirhams on May 14. The shares closed 10 percent lower yesterday as the Dubai Financial Market website showed Abu Dhabi-controlled Aabar Investments PJSC had reduced its holding in the company to 14.32 percent from 18.85 percent. The website later updated the stake to 18.94 percent and blamed a “temporary system glitch” for the error. Aabar last week cut its ownership from 21.57 percent."



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