Arabtec shares have continued to fluctuate, causing much concern to retail investors, The National reported. Arabtec plummeted as much as 9.8% during the early part of Sunday's trading before recovering to close down 1.7%.
“There’s no explanation for the reaction today,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings in Dubai. “It’s retail going up and down and it all depends on mood and sentiment. There’s no fundamentals behind it. ”It was the second trading day of losses since the company’s major shareholder, Aabar Investments, said it was “studying different options for its stake but that any talks on a deal would remain confidential”.
However, Zawya reported that on Monday, the UAE stock markets bounced back as the Dubai Financial Market (DFM) index gained 2.5% to end trade at 4,724.95, while the Abu Dhabi Securities Exchange (ADX) general index rose 1.48% to reach 4,987.83.
In a statement on the Dubai bourse website , Arabtec said its board of directors would meet on Thursday to review and approve: the minutes of the previous board meeting, reports and recommendations, and the financial statements for the second quarter along with “any other business”.
“Arabtec will be discussing the business performance, maybe restructuring and talking about the strategy itself”, said Tareq Qaqish, the head of asset management at Al Mal Capital in Dubai.