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Thursday, 21 July 2016

MIDEAST STOCKS-Markets flat to lower; Emaar loses steam in Dubai | Reuters

MIDEAST STOCKS-Markets flat to lower; Emaar loses steam in Dubai | Reuters:

"Gulf stock markets were flat to slightly softer in early trade on Thursday as blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam in Dubai.

Emaar edged down 0.1 percent to 7.00 dirhams, failing to break technical resistance on its October 2015 peak of 7.01 dirhams. A break would trigger a reverse head & shoulders pattern formed by the highs and lows since last August and pointing up in the long term to at least the April 2015 peak of 8.39 dirhams.

Dubai's stock index was flat. Second-tier real estate firm Deyaar Development dropped 0.7 percent after reporting a 17.8 percent fall in second-quarter net profit, though a few small, speculative stocks such as Al Salam Group Holding rose sharply."



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