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Aabar doubles Arabtec stake; DFM rises 2.4%
DUBAI - Arabtec shares on Tuesday surged 15 per cent, helping lift the emirate's main index to a four-week high after Abu Dhabi fund Aabar Investments nearly doubled its stake in the firm to 10.45 per cent.
- PUBLISHED: Wed 4 Apr 2012, 11:04 PM UPDATED: Thu 5 Sept 2024, 12:03 PM
Shares in Arabtec jumped 15 per cent to finish at their highest price level since March 5.
State-owned fund Aabar bought shares equal to a 5.13 per cent stake through its unit Aabar Real Estate, a bourse filing showed. It already owned 5.3 per cent under Aabar Petroleum.
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“The share price movement is linked to the shareholding structure and speculation on whether Aabar will continue to increase its stake,” said Sebastien Henin, portfolio manager at The National Investor. “It's not about valuations right now.”
Dubai's index climbed 2.4 per cent to close at 1,694 points, its highest close since March 5.
Buying momentum picked up in other stocks with bluechips seeing more interest. Emaar Properties gained 3.6 per cent and Dubai Financial Market rose six per cent.
Abu Dhabi's main index ended 0.1 per cent higher at 2,564 points, with property stocks supporting.
Sorouh Real Estate and Aldar Properties gained 3.5 and 0.9 per cent, respectively.