Bloomberg News

Persian Gulf Stocks: Arabtec Holding, Emaar Properties of U.A.E.

December 20, 2011

Dec. 20 (Bloomberg) -- Dubai’s DFM General Index fell 1 percent to 1,360.80, the lowest level since Nov. 27, at the 2 p.m. close in the emirate. The measure has lost 17 percent this year. Abu Dhabi’s ADX General Index declined 0.8 percent today.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Arabtec Holding Co. (ARTC UH) fell 5.2 percent, the most since August 7, to 1.65 percent amid investor speculation that its surge of 13 percent this month may have been overdone.

“Arabtec has been outperforming aggressively lately so this correction is very expected, and is even softer than the rally,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE.

Emaar Properties PJSC (EMAAR UH) rose as much as 2.3 percent to 2.62 dirhams before paring gains to close at 2.57 dirhams. The builder of the world’s tallest skyscraper in Dubai said after the market closed yesterday it paid a lower price to raise $980 million than for its existing debt.

--Editors: Claudia Maedler, Tim Farrand

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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