Property News · March 1, 2016

Arabtec shares continue dizzying rise in Dubai after Hasan Ismaik increases stake



Arabtec shares continued their dizzying rise on Tuesday morning, after former chief executive Hassan Ismaik increased his stake in the company to 11.91 per cent on Monday.The Dubai construction firm’s shares rose by nearly 12 per cent at the open before paring gains slightly, trading up 7.64 per cent at Dh1.55 45 minutes into morning trading, during which time some 200 million Arabtec shares changed hands.
Arabtec shares have risen by more than a third since the start of the week, their best three-day rally since July 2014, as news emerged that Mr Ismaik was increasing his shareholding in the company, after trimming it in late 2014.The company issued a statement on Wednesday morning stating there was no substantial news that had impacted the share price.Arabtec’s rally saw the Dubai Financial Market General Index open up 0.7 per cent at 3,263.56.
In the capital the Abu Dhabi Securities Exchange General Index was trading up 0.2 per cent after 45 minutes.jeverington@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Arabtec shares continue dizzying rise in Dubai after Hasan Ismaik increases stake

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