MIDEAST STOCKS-Emaar IPO plan hits Dubai, Saudi fails test of resistance:
"Dubai’s leading real estate developer, Emaar Properties, pulled the emirate’s stock index lower on Sunday while Saudi Arabia’s index again retreated from major technical resistance. The Dubai index lost 0.8 percent to 3,644 points, pulling back from resistance on the August peak of 3,681. Emaar slid 2.1 percent after saying it expected to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer. Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company."
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