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Wednesday, 27 July 2016

MIDEAST STOCKS-Gulf moves little, Emaar retreats from chart barrier | Reuters

MIDEAST STOCKS-Gulf moves little, Emaar retreats from chart barrier | Reuters:

"Gulf stock markets were little moved in early trade on Wednesday, dampened by weak oil prices and mixed second-quarter earnings in Saudi Arabia, while Dubai's Emaar Properties again pulled back from major technical resistance.

The Dubai index edged down 0.2 percent as Emaar, which has since last week been testing resistance on its October peak of 7.01 dirhams, slipped 0.6 percent to 6.86 dirhams.

Logistics company Aramex dropped 0.8 percent after jumping 5.5 percent on Tuesday. After the close on Tuesday, Bloomberg reported, citing unnamed sources, that founder Fadi Ghandour had sold his entire 9.9 percent stake in the firm to Gulf investors including Emaar Chairman Mohamed Alabbar.

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