Dubai's bellwether Emaar Properties halts a three-day decline as bargain hunters return, while UAE markets end mixed and Qatar ends at a 12-day low. Shares in Emaar rise 1.6 percent to 3.2 dirhams per share. The stock is up 24.9 percent year-to-date and has rallied in recent weeks on the back of earnings optimism.
Three analysts polled by Reuters expect the developer to post an average profit of 516.3 million dirhams ($140.6 million), which would be a 106 percent increase on the year-earlier period.
"Emaar's next short-term target is 3.27 (dirhams) and in the long-term you should see it around 3.33 to 3.50," says Amjad Bakir, head of MENA CORP Securities.
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