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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Emaar Properties PJSC    EMAAR   AEE000301011

EMAAR PROPERTIES PJSC

(EMAAR)
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Gulf markets plunge on U.S.-Iran tensions, Aramco at lowest since IPO

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01/05/2020 | 08:10am EST
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul), in Riyadh

Kuwaiti and Saudi stocks led Gulf stocks sharply lower in late afternoon trade on Sunday in the wake of a U.S. drone strike in Baghdad that killed Iran's military commander.

Shares of oil giant Saudi Aramco fell 1.7% to their lowest level since listing last month in a record initial public offering (IPO).

Aramco shares dropped to 34.55 riyals a share, the lowest level since it started trading last month.

Iranian military commander Qassem Soleimani, the architect of Tehran's overseas military operations was killed on Friday in a U.S. drone strike on his convoy at Baghdad airport.

The Kuwaiti index, the best performer in the region in 2019, was down nearly 4.1%, while Saudi stocks plunged 2.2%.

Dubai stocks were down 3.1% with property firm Emaar Properties falling 3.7%. The Abu Dhabi index fell 1.41%.

Banks also took a beating, with Al Rajhi Bank down 2% and Samba Financial Group down nearly 3%.

"A U.S.-Iran war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in Iran’s economy, but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging markets economist at Capital Economics, said in a note last week.

Saudi credit default swaps <SAGV5YUSAC=MG>, which investors buy as protection against default, rose by more than 13% on Friday following Soleimani's killing, Refinitiv data showed.

Regional bond spreads are expected to widen on Monday, when international debt markets open, because of increased political risk, a debt banker said.

Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.

(Reporting by Saeed Azhar and Davide Barbuscia; editing by Jason Neely and Raissa Kasolowsky)

Stocks mentioned in the article
ChangeLast1st jan.
AL RAJHI BANKING & INVESTMENT CORP SJSC End-of-day quote.
EMAAR PROPERTIES PJSC -0.24% 4.21 End-of-day quote.5.22%
LONDON BRENT OIL -1.56% 64.2 Delayed Quote.-0.45%
SAMBA FINANCIAL GROUP SJSC End-of-day quote.
WTI -1.40% 57.84 Delayed Quote.-3.49%
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Financials (AED)
Sales 2019 24 286 M
EBIT 2019 7 306 M
Net income 2019 5 984 M
Debt 2019 14 244 M
Yield 2019 3,58%
P/E ratio 2019 5,06x
P/E ratio 2020 4,77x
EV / Sales2019 1,83x
EV / Sales2020 1,81x
Capitalization 30 214 M
Chart EMAAR PROPERTIES PJSC
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Emaar Properties PJSC Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 6,10  AED
Last Close Price 4,22  AED
Spread / Highest target 76,5%
Spread / Average Target 44,4%
Spread / Lowest Target 20,9%
EPS Revisions
Managers
NameTitle
Amit Jain Group Chief Executive Officer
Mohammed bin Ali Rashed Al-Abbar Chairman
Avinash Pangarkar Group Chief Financial Officer
Ahmed bin Jamal bin Hassan Jawa Independent Non-Executive Director
Ahmad Thani Rashed Al Matrooshi Director & Managing Director