MIDEAST STOCKS-Dubai slides again as major Arabtec shareholder cuts stake | Agricultural Commodities | Reuters:
"Dubai's market declined for a fourth straight day on Wednesday as Arabtec tumbled and the bourse said a major shareholder had reduced its stake in the construction firm.
The slide underlined how the Dubai bourse has become dominated by a few heavyweight stocks which have been swinging widely in response to frenzied trade by retail investors. The main index fell 0.6 percent.
Shares in Arabtec dropped 7.8 percent, dominating turnover. Dubai Financial Market said in a statement after trading closed that Abu Dhabi state fund Aabar Investments had cut its stake Arabtec to 18.85 percent as of Wednesday from 21.57 percent on June 8.
Some investors apparently got wind of the sales early this week, sparking a sell-off. The stock has plunged 30 percent in the last four sessions; a total of 455 million shares changed hands this week, while Aabar's holdings decreased by only about 120 million shares."
'via Blog this'
No comments:
Post a Comment