By: Mahmoud Gamal
Dubai – Mubasher: The stock of Emaar Properties hit its lowest level in five weeks, falling 1.27% to reach AED 6.98.
The stock’s decline came in line with the listing of $750 million sukuk by Emaar on Nasdaq Dubai.
Trading on the stock reached 17.99 million shares by 12:40pm UAE time, with a turnover of AED 17.99 million.
The real estate sector also slid 1.09%, while the Abu Dhabi’s main index decreased 1.03%.
Real estate stocks still control the market’s performance and is seen attractive to speculators, according to capital market analyst Hassan Al-Zawi.
The market value of Emaar reached AED 6.9, reflecting portfolio investors’ pressures on the stock to generate good gains in the coming sessions, the analyst added.
Emaar’s stock targets to rise and reach AED 7.13 after a possible correction that may lead it fall to its support at AED 6.6, Al-Zawi said.
Translated by: Julian Nabil
