Dubai-Mubasher: Arabtec Holding stock saw a positive performance in Dubai bourse Wednesday to reverse the downward trend it maintained for three sessions, following the statement of Egypt’s Minister of Housing Mostafa Madbouly on the “one–million” housing units.
The stock rose 1.96% to reach AED 1.04 by 11:00am UAE time.
Turnover on the stock reached AED 18 million through trading 17.4 million shares.
Arabtec made a new offer comprising the construction of 13,000 units, added the minister in exclusive statement to Mubasher on the sidelines of MEED's Egypt Mega Projects Conference in Cairo.
Madbouly added that the government asked Arabtec to raise the number of housing units to be built.
Ibrahim Alfailakawi, analyst, said earlier the stock is likely to reach AED 1, AED 0.75 and AED 0.5 respectively if it did not break and stabilise above the resistance level of AED 2.
