x Abu Dhabi, UAESunday 21 January 2018

Arabtec shares rise on deals

The Dubai contractor's stock rises for the first time in more than a week.

Retail investors jumped on to Arabtec Holding's contract win as its stock rose for the first time in more than a week.

The Dubai contractor gained 1.09 per cent to Dh1.85 per share after it announced it had been awarded two contracts with a combined value of Dh356 million.

Analysts were cautious as to how long a share price rise could be sustained.

"The days are long since passed since news that Arabtec is taking new contracts caused a stampede of buyers," said Julian Bruce, the director of equity sales at EFG-Hermes.

The Dubai Financial Market General Index closed up 0.53 per cent to 1,608.97 yesterday.

In Kuwait, investors sold shares of Agility after the logistics firm reported a warehouse fire.

Shares fell 2.04 per cent to 480 Kuwaiti fils, their lowest since September 8. Kuwait's measure slipped 0.11 per cent to 6,915.00.

In Abu Dhabi, Aldar Properties fell 3.79 per cent to Dh2.03 a share, extending its losses from Sunday, after it announced a funding framework last week.

With more than 38 million shares changing hands, it continues to be the most actively traded stock in the capital.

The Abu Dhabi Securities Exchange General Index lost 0.85 per cent to close at 2,690.07 points.

Elsewhere in the region: Bahrain's index lost 0.31 to 1,431.70 points; Oman's measure stayed about flat at 7,021.60 points; Qatar's index slipped 0.85 per cent to 9,163.84 and the Saudi Tadawul All-Share Index fell 0.3 per cent to 6,768.24.