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Banks gain, Arabtec retreats at Dubai market

: Thursday, February 27 - 2014 @ 15:45

The Dubai Financial General Index (DFMGI) opened strongly, advanceed 0.53 higher at 4,220.45 points on Thursday, February 27. In the first two months of 2014, the gauge has gained over 25 per cent. Commercial Bank of Dubai and Emirates NBD gained 7.94 per cent and 4.22 per cent, respectively. Arabtec Holding whose shares resumed trading lost 1.83 per cent to close at AED4.82. Earlier in the day, the biggest construction firm in the Middle East said in a filing to the DFM it respected the decision by the Securities and Commodities Authority (SCA) to suspend trading in the company’s shares listed at the Dubai Financial Market on February 26th. Arabtec acknowledges this as a normally precautionary step within the authority’s powers to protect the rights of the shareholders in accordance with the laws and regulations prevailing in the UAE. Earlier in the week, speculations came up Arabtec planned to buy National Kharafi in Kuwait. Arabtec Holding has denied these recent market and media speculations regarding the aforementioned acquisition.

Gérard Al-Fil

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Thursday, February 27- 2014 @ 15:45 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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