Shares in Dubai builder Arabtec Holding continue to decline after the company confirmed staff layoffs, dragging down the emirate’s bourse.
Arabtec slides 6.1 per cent after saying on Tuesday it had laid off a “limited number” of staff in order to improve productivity and reduce costs, but denying a report which said the number was in the hundreds.
Arabtec, the most heavily traded stock in Dubai, fell its daily limit of 10 per cent on Monday after sources told Reuters and other news agencies that it had laid off staff following last week’s resignation of chief executive Hasan Ismaik. The stock has lost 48 per cent this month.
The stock is the main drag on Dubai’s index which slips 0.5 per cent, although some stocks rebound, led by Emaar Properties which adds 0.7 per cent.
Abu Dhabi’s bourse edges down 0.2 per cent as heavyweight Abu Dhabi Commercial Bank drops 5.1 per cent, albeit on limited volumes.
Qatar’s benchmark is flat with a near-equal split between losing and gaining stocks.