Emaar shares may gain after Q2 earnings beat

Emaar posted 10 percent increase in second-quarter net profit, on higher Dubai property sales
By Reuters
Tue 30 Jul 2013 10:22 AM

Shares in Emaar Properties, Dubai's largest real estate developer, may gain after it beat analysts' earnings forecasts by about 20 percent.

Emaar posted a 10 percent increase in second-quarter net profit, on higher property sales in the emirate.

At 5.74 dirhams, the stock is up 53 percent year-to-date, underperforming the Dubai benchmark's 55 percent rise. Major technical resistance lies around 6.00 dirhams, where the stock peaked in June and July this year.

In Saudi Arabia, loss-making telecommunications operator Zain Saudi may also see increased buying interest after saying on Monday that it reached an agreement to extend its outstanding $2.3 billion Islamic loan facility by five years.

In Doha, petrochemicals and metals company Industries Qatar, the second largest stock on the exchange, may decline after it posted a 6.5 percent dip in second-quarter net profit to 2.0 billion riyals ($549 million), missing analysts' forecasts of around 2.3 billion riyals.

The global market backdrop is moderately positive; Asian stocks rose on Tuesday after China's central bank injected funds into money markets for the first time since February, while the dollar index edged up from a five-week low as investors positioned for the Federal Reserve's policy meeting.

Brent crude oil futures remained steady above $107 a barrel.

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