Dubai Shares End Six-Day Rally on Arabtec; Israel Slumps - Bloomberg:
"Stocks in Dubai fell the most in a month after a state-run investment company failed to give reassurance about increasing its support for Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest publicly traded builder. Israel’s index slid as the army expanded operations in Gaza.
The DFM General Index (DFMGI) sank 6 percent, the biggest decline since June 24, to close 4,609.67 and bringing the longest rising streak since April to an end. Arabtec tumbled the maximum allowed in a day after it resumed trading following its suspension July 17. Aabar Investments PJSC’s talks on its stake in the builder are “strictly confidential,” it said in a statement to the Dubai bourse today. Israel’s TA-25 Index headed for the biggest drop in a month at 1:43 p.m. local time.
“There is still no clarity on what is going on behind the scenes at Arabtec,” Ramez Merhi, director of asset management at Dubai-based Al Masah Capital, which manages $545 million, said by e-mail. “Investors are understandably cautious on the name today until some concrete decisions are shared with the public.”"
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