{"id":6552,"date":"2016-03-02T17:02:00","date_gmt":"2016-03-02T10:02:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-plunge-20-per-cent-as-rally-comes-to-dramatic-end\/"},"modified":"2016-03-02T18:49:57","modified_gmt":"2016-03-02T11:49:57","slug":"arabtec-shares-plunge-20-per-cent-as-rally-comes-to-dramatic-end","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-plunge-20-per-cent-as-rally-comes-to-dramatic-end\/","title":{"rendered":"Arabtec shares plunge 20 per cent as rally comes to dramatic end"},"content":{"rendered":"


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\nArabtec plummeted 20 per cent in the final 90 minutes of trading, bringing the stock’s dramatic three-day rally to an abrupt end.EFG Hermes downgraded Arabtec to ‘sell’ from ‘hold’, arguing that the construction firm’s fundamentals did not justify recent rises in their share prices.The bank argued that the rally in Arabtec shares, which had increased in value by more than 50 per cent since Sunday, was driven purely by rumours that former chief executive Hasan Ismaik will continue to accumulate stock.
\n“With the exception of Arabtec and Drake & Scull International (DSI), stocks within our Mena contractors’ coverage have underperformed their corresponding general index,” the bank said in a research note published yesterday morning.”We believe both [Arabtec and DSI] will follow suit, as the market over-excitement fades away, thus we have sell ratings on both names.”Mr Ismaik exited Arabtec abruptly in July 2014, subsequently trimming his stake in the company to 11.81 per cent. Mr Ismaik’s decision to increase his stake to 11.91 per cent this week fuelled a boom in the stock among local investors.
\nArabtec looked to be on course for another day of double digit gains, rising 13 per cent by lunch time.However, a rush of sell orders during the final ninety minutes of trading saw the stock shed 9 per cent at Dh1.50.”We’ve seen a crescendo of buying in the past days based on nothing more the hope that Hasan Ismaik may resume active trading in the name, rather than any fundamental change in the company,” said Sanyalak Manibhandu, the head of research at NBAD Securities in Abu Dhabi.
\n“As the end of the week approaches, when there’s no news, it just takes one or two people closing their positions and taking some profit to reverse the stampede.”Arabtec’s reversal of fortune sparked a sell off of other big names on Dubai’s bourse. Amlak Finance was amongst the hardest hit, closing down 9.77 per cent at Dh1.57, while index bellwether Emaar Properties ended the day off 1.88 per cent at Dh5.75.
\nThe Dubai Financial Market General Index finished the day down 1.86 per cent at 3,225.78.Shares in the capital ended the day up 0.16 per cent at 4,379.63, thanks to gains from FGB and Aldar Properties. jeverington@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec shares plunge 20 per cent as rally comes to dramatic end<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec plummeted 20 per cent in the final 90 minutes of trading, bringing the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-6552","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1HG","jetpack-related-posts":[{"id":6544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-share-surge-driven-purely-by-rumours-as-recommendation-is-to-sell\/","url_meta":{"origin":6552,"position":0},"title":"Arabtec share surge 'driven purely by rumours' as recommendation is to sell","date":"March 2, 2016","format":false,"excerpt":"\r \r Arabtec's shares extended gains for a fourth consecutive day on Wednesday morning, opening up 6 per cent, even as the stock was downgraded to sell by EFG Hermes.EFG said that this week's rally in Arabtec shares, which have increased in value by more than 50 per cent since\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6444,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-continue-dizzying-rise-in-dubai-after-hasan-ismaik-increases-stake\/","url_meta":{"origin":6552,"position":1},"title":"Arabtec shares continue dizzying rise in Dubai after Hasan Ismaik increases stake","date":"March 1, 2016","format":false,"excerpt":"\r \r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-record-best-week-in-more-than-seven-years\/","url_meta":{"origin":6552,"position":2},"title":"Arabtec shares record best week in more than seven years","date":"March 3, 2016","format":false,"excerpt":"\r \r Arabtec shares rebounded on Thursday, capping the stock's best week in more than seven years.The construction firm's shares, which plummeted 20 per cent on Wednesday afternoon following a \"sell\" note from EFG Hermes, rose by as much as 11 per cent, before settling 8 per cent higher at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-soar-after-former-chief-hasan-ismaik-raises-stake-in-dubai-builder\/","url_meta":{"origin":6552,"position":3},"title":"Arabtec shares soar after former chief Hasan Ismaik raises stake in Dubai builder","date":"February 29, 2016","format":false,"excerpt":"\r \r Arabtec Holding's former chief executive Hasan Ismaik has increased his shareholding in the builder, sending its shares soaring to their highest level since November.Mr Ismaik's shareholding in the company increased to 11.91 per cent from 11.81 per cent, according to the Dubai Financial Market website. The stock rose\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-says-ex-ceo-hasan-ismaik-is-not-joining-the-board-of-dubai-contractor\/","url_meta":{"origin":6552,"position":4},"title":"Arabtec says ex CEO Hasan Ismaik is not joining the board of Dubai contractor","date":"March 7, 2016","format":false,"excerpt":"\r \r Rumours that a former chief executive of Arabtec Holding, Hasan Ismaik, will be appointed to its board are false, the Dubai-listed construction firm said on Monday.\"The rumours over the appointment of Mr Hasan Ismaik as chairman or member of the board of directors of Arabtec are false and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41558,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-to-be-suspended-from-trading-on-dfm-ahead-of-q4-results-announcement\/","url_meta":{"origin":6552,"position":5},"title":"Arabtec shares to be suspended from trading on DFM ahead of Q4 results announcement","date":"January 23, 2017","format":false,"excerpt":"\r Shares in Arabtec Holding will be suspended from 11.30am pending the release of its fourth quarter earnings statement. A notice from the Dubai Financial Market this morning stated that \"as its Board of Directors meeting is being held today\", the construction firm's shares will not trade until results are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6552"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=6552"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6552\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=6552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=6552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=6552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}