The Dubai Financial Market General Index fell by 1.16 per cent to close at 4,928.22 points on Thursday, August 28. Profit takings are a usual occurrence at the end of the month, as fund managers are eager to embellish their monthly results (‘performance cosmetics’).
Arabtec, as the most liquid share, lost 1.70 per cent to hit AED4.71. Arabtec’s former CEO, Hasan Ismaik, said on Wednesday that he was in talks with his former employer to sell part of his 27.90 per cent stake to Abu Dhabi investment firm, Aabar, which holds 19 per cent in the firm, Construction Week reported. However, he said he would not accept a price per share of less than AED5. Ismaik’s surprise departure in June triggered a mini summer crash and sent the DFMGI down by 22 per cent that month.
Commercial Bank of Dubai gained the most, ending up by 2.50 per cent to reach AED6.20.
Insurance firm ARIG lost the most, ending off by 1.70 per cent to AED4.71. Shuaa Capital, after a roller coaster trading session that sent the share temporarily down to AED1.26, eventually gained 0.80 per cent to hit AED1.30.