By: Mahmoud Gamal
Dubai – Mubasher: Arabtec Holding’s stock rose to the highest level in two months, amid news of boosting investments in Egypt and expectations of posting higher annual profits.
The company’s stock rose 6.4% by 12:60pm to AED 1.49, its highest level since 28 December 2016.
Real estate stocks, which reached low price levels, are still attractive for speculators, capital market analyst Mohannad Anbar told Mubasher.
The stock’s rise is mainly attributed to accumulations carried out by speculators, following the news that Arabtec Holding former managing director and CEO Hasan Ismaik has bought a strategic stake in Asmak, Anbar added.
Arabtec’s operational status is expected to improve, which will be reflected in annual results, Anbar added.
The stock has good medium-term investment opportunities for traders at Dubai's bourse, the analyst noted.
Translated by: Julian Nabil
