Arabtec led an equity sell-off in Dubai as the market concluded its worst week since August.
The builder’s shares plunged 9.9 per cent to Dh1.18, the day after it announced a third-quarter net loss of Dh944.7 million because of “a number of challenging projects”.
Arabtec shares have lost more than a quarter of their value since the start of the month, and are trading at their lowest level in nearly four years.
The Dubai Financial Market General Index retreated 1.52 per cent to 3,265.28, a new low for the year, amid a wider sell-off among property stocks. The index shed 5.38 per cent during the week, its worst weekly performance since August.
Damac Properties fell 5.6 per cent to Dh2.70, while Emaar Properties slipped 2.1 per cent to Dh6.07.
Trading was more subdued in Abu Dhabi, where shares lost 0.27 per cent to 4,200.16, ending down 1.47 per cent for the week.
Property developers were again among the main losers. Eshraq Properties fell 7.14 per cent to 52 fils, while Aldar Properties ended down 2.17 per cent to Dh2.25. Etisalat dipped 0.96 per cent to Dh15.45.
Meanwhile, Waha Capital shares posted their highest one-day rise since September – up 2.87 per cent to Dh2.15 – after reporting a third-quarter net profit of Dh117.9m.
jeverington@thenational.ae
Follow The National's Business section on Twitter
