Dubai builder Arabtec Holding whose shares dropped 24 per cent this week, said on Wednesday the price movement had nothing to do with its financial position and prospects.
The company quoted its chief executive Hasan Ismaik as saying Arabtec was determined to continue with its ambitious expansion plans.
“Ismaik said rumours spread about a change in the share price during the last two days, which are influenced by the conditions of supply and demand, should not affect investors and shareholders’ confidence in the company, which must depend basically on Arabtec’s strong performance and financial position,” it said in a statement.
Arabtec, which had more than tripled in value this year, spearheaded a pull-back on Dubai’s stock market this week and dropped by its daily 10 per cent limit in the last two sessions. The stock is still up 138 per cent year-to-date.
Investors in Dubai started taking profits after bourses in the United Arab Emirates and Qatar posted strong gains as index compiler MSCI upgraded them to emerging market status at the end of May.