Dubai – Mubasher: Emaar Properties’ stock fell 1.47% to AED 6.98, its lowest level since 17 September.
The stock saw a turnover of AED 29.16 million generated from the exchange of 4.33 million shares by 12:55pm UAE time.
As a result, the real estate sector retreated 0.76%, while Dubai bourse declined 0.8%.
Pressures on real estate stocks may lead the market to fall on Thursday’s session, according to market analyst Hassan Al-Zawi.
The share price of Emaar reached AED 6.7, showing that traders are pressuring the stock so as to repurchase it at an attractive price before the company's disclosure of its results for the third quarter, the analyst explained.
Emaar’s stock targets to rise to AED 7.3 after a correction that may lead it to fall to AED 6.6, Al-Zawi added.
