Stock News: UAE Slips As Arabtec Continues To Drop

Dubai’s main stock index slid 1.4 per cent as builder Arabtec continued to decline and fell 3.7 per cent. The stock plunged this week after Arabtec’s key shareholder, Aabar Investments, did not confirm a report which said Aabar was in talks to increase its stake in Arabtec.

Abu Dhabi’s bourse edged down 0.4 per cent. Developer Aldar Properties was the main drag, dropping 4.1 per cent.

“A new direction (for the UAE markets) hasn’t been defined yet,” said Marwan Shurrab, fund manager and head of trading at Vision Investments, adding that recent moves were based on opportunistic trades seeking to profit from high volatility.

Meanwhile Qatar’s bourse edged up in early trade on Tuesday after the country’s central bank said property prices had climbed to a new peak.

Qatar’s benchmark rose 0.7 per cent. Property developers Barwa Real Estate and United Development added 2.4 and 2.2 per cent respectively.

The real estate price index tracked by Qatar’s central bank hit a record high in June 2014, jumping 29 per cent year-on-year, according to the central bank’s website.