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Tue 30 Jul 2013 10:22 AM

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Emaar shares may gain after Q2 earnings beat

Emaar posted 10 percent increase in second-quarter net profit, on higher Dubai property sales

Emaar shares may gain after Q2 earnings beat

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.