By: Mahmoud Gamal
Dubai-Mubasher: Dubai-listed real estate developer Emaar Properties fell to the lowest level in two years, losing AED 0.16 to reach AED 5.64 by 11:20am UAE time.
Turnover on the stock reached AED 33.21 million, accounting for 36% of the total market liquidity which amounted to AED 97.7 million.
The market saw trading of 6.55 million shares through 337 transactions.
Emaar stock fall came in line with the decline of most stocks, weighed by investors’ low trading on oil prices drop and interest rate rise, said capital market expert Ibrahim Al-Failakawi.
The stock targets AED 5.80 following the negative performance UAE markets witnessed.
Al-Failakawi noted that the stock will fall to AED 5.3, AED 5.25 and AED 4.50 respectively if it did not rebound and stabilise above the level of AED 7.
Translated by: Julian Nabil
