By: Mahmoud Gamal
Dubai - Mubasher: Emaar Properties’ stock saw a positive performance mid-session on Wednesday, rising 0.6% to AED 6.64, its highest level in ten weeks.
The stock is witnessing selective purchases amid increased speculations, in addition to the news that Dubai Holding and Emaar intend to revive the Bawadi touristic project in Dubai, UAE market analyst Mohammed Al Hosni explained.
It is normal for portfolio investors especially foreigners to direct their investments towards blue chips as most of them have good solvency before the announcement of first-half financials, the analyst added.
Trading on the stock reached 8.71 million shares exchanged through 360 transactions by 12:50pm UAE time, with a turnover of AED 58 million.
Emaar’s stock pushed the real estate sector to gain 0.2% during the same time.
The stock is targeting the level of AED 6.50-6.70, while its support stands at AED 6.33-6.38, Al Hosni noted.
Dubai bourse’s main index rose 0.86% or 29.71 points to reach 3,467.22 points.
Translated by: Julian Nabil
