UAE stocks: Tug of war between bulls, bears continue in Emaar shares:
Emaar Properties’ shares on the Dubai Financial Market (DFM) were precariously positioned near its key support level as traders weighed in options whether to hold or sell the stock.
Emaar Properties closed down 0.84 per cent at Dh4.70, 8 per cent higher from its 50-day moving average of Dh4.30. Its shares have shed 5.8 per cent from a four-month high of Dh5.02 that was stuck on February 27. This followed a strong performance in the stock since February 13, accumulating 28 per cent in gains.
“Emaar Properties is a difficult one to call on a short-term basis. This may be not be a best time to invest in Emaar. Our valuation suggest that the current stock prices are factoring in unrealistic scenario,” an analyst who did not wished to be named told Gulf News.
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