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Dubai’s Arabtec says shares surged on speculation
DUBAI - Arabtec Holding, the UAE’s largest construction company by market value, said it looked into why its shares surged almost 14 percent on Tuesday before it released its results and put it down to speculation.
The stock market regulator, the Securities & Commodities Authority, contacted Dubai-based Arabtec on Wednesday to enquire if there was any leak of the results, which officially came out after trading hours on Tuesday, Riad Kamal, Arabtec’s managing director, told Reuters on Thursday.
“We informed them there was no leak,” Kamal said. “I looked into trading that day because the volume was different from usual and found that it was mainly Abu Dhabi investors speculating.”
No company directors traded that day, Kamal said.
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