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SHUAA Capital shares erase entire spring gains

: Monday, June 16 - 2014 @ 19:08

There was no let-up in selling pressure at the Dubai financial market (DFM) on Monday, June 16, as the market gauge DFMGI closed 3.05 per cent lower at 4,468.67 points. In June so far, the index lost 13.25 per cent in value and dropped in particular in the last couple of session due to the escalation in Iraq’s inner conflict.

Arabtec lost another 10 per cent and stands now at AED4.05. The UAE’s first construction firm said its board of directors would hold a meeting on June 18. It is expected that the confusion of its shareholder structure from recent days will be on the agenda under point 3 “any other business”. Its shareholder Aabar Investments from Abu Dhabi lowered its stake last week to 18.85 per cent from 21.57 per cent. Arabtec CEO Hasan Ismaik, on the other hand, stepped his personal stake in the firm to almost 29 per cent from 8.03 per cent.

Investment bank SHUAA Capital fell to the lowest level since March 26, closing off 9.85 per cent at AED1.19. Since its 2014-peak at AED1.72, the oldest investment bank in the UAE lost 30.80 per cent in value.

Gérard Al-Fil

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Monday, June 16- 2014 @ 19:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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