Shares of Arkan Building Materials went on a roller coaster ride on Tuesday after the Abu Dhabi concrete manufacturer said its board did not recommend dividend payouts to shareholders.
At the start of the trading session, Arkan dropped as much as 10 per cent to Dh2.34 a share. By midday, the shares reversed direction and surged as much as 13 per cent to Dh2.96. They closed up by a mere 1.9 per cent to Dh2.65.
“Arkan is one of the leading building material companies in the UAE, but its stock is not open to foreign ownership,” said Marwan Shurrab, a fund manager at Dubai-based Vision Investments & Holdings.
“Trading psychology for the stock is dominated by retail and locals, which play a big role in the volatility in the stock due to its illiquidity. There’s a wide spread between the bid and ask.”
The company said its “board suggested not to distribute dividends for 2013,” in a statement posted yesterday on the website of the Abu Dhabi Securities Exchange.
The company’s net income for last year stood at Dh42.7 million, a decline from Dh46.9m in 2012.
The ADX General Index inched 0.63 per cent higher to 4,853.01 points. Most of the trading was done on Dubai’s stock market, analysts said.
On the Dubai Financial Market, Emaar Properties surged 5.4 per cent to Dh9.75 a share. Arabtec Holding, the region’s biggest contracting company, jumped 2.5 per cent to Dh5.28 a share.
DFM Company, the listed shares of Dubai’s main stock market, rose 4.0 per cent to Dh3.07.
DFM Company said it had received delegates from the Kurdish region of Iraq, including board members of the Erbil Stock Exchange.
The DFM General Index closed 2.6 per cent higher to 4,223.39.
halsayegh@thenational.ae
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UAE currency: the story behind the money in your pockets
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Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
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UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
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Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
