Stock News: Arabtec Slide Slows, DP World Down On Convertible Issue

Shares in Dubai contractor Arabtec slow their decline after tumbling 30 per cent earlier this week, as the firm denies rumours that it might delist.

Arabtec slides 2.4 per cent, a much smaller fall than its 7.8 per cent drop on Tuesday and 10 per cent drops in the two preceding sessions. Dubai’s bourse is down 0.4 per cent.

Abu Dhabi state fund Aabar Investments fuelled a sell-off in Arabtec this week as it reduced its stake in the company to 18.85 per cent from 21.57 per cent. Traders say it is unclear whether Aabar is continuing to sell on Thursday.

Another factor hurting Arabtec shares was rumours that it might delist, which it denied in a statement early on Thursday.

DP World falls 3.8 per cent in thin trade after news it plans to raise $1 billion with a 10-year convertible bond issue to fund growth opportunities.

Abu Dhabi’s benchmark slips 0.1 per cent as National Bank of Abu Dhabi falls 3.2 per cent.

Qatar’s bourse edges up 0.1 per cent, buoyed by Gulf International Services, which adds 3.4 per cent, and Industries Qatar, which is up 0.6 per cent.