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Property stocks stage a comeback on bourses

MARKETS UPDATE: Real estate stocks rose the most at the open after the sector made a comeback from profit-taking yesterday.

Aldar Properties was among the real estate sectors' top gainers this morning as investors reversed yesterday's profit taking trend.

It rose 1.3 per cent to Dh2.35 and but its shares are down 51 per cent since March 28.

The Abu Dhabi developer said it would reveal an expected government support package before the end of 2010 but has yet to do so.

The Dubai Financial Market opened 0.6 per cent higher to 1,659.09 points and the Abu Dhabi Securities Exchange slipped 0.08 per cent to 2,754.69 points.

Real estate stocks were some of the only gainers in early trading, as Arabtec reversed yesterday's losses after Arabtec Holding's chief executive, Riad Kamal, was banned from buying shares on UAE markets.

Shares in the company rose 1.01 per cent to Dh2.00

Telecoms giant Etisalat lost the most at the open as it fell 0.93 per cent to Dh10.7. In Dubai, Emaar Properties gained 0.57 per cent to Dh3.52 and Drake & Scull International rose 0.9 to Dh1.07 per cent.

Oil traded at around $90 a barrel, gold spot slipped 0.17 per cent to $1,376.650 per troy ounce, its fourth day of losses as data singalling a recover in the US economy curbed demand for the precious metal as a haven. Silver increased 0.1 per cent to $29.350 an ounce.

A stronger dollar helped buoy Asian stocks as Japan's Nikkei 225 climbed 1.44 per cent to 10,529.76 points and Shanghai's Hang Seng Index ticked 0.04 per cent higher to 23,766.63 points.

The MSCI Asia Pacific Index rose 0.4 per cent to 137.20.

In the US, Standard & Poor's 500 Index closed 0.5 per cent up to 1,276.56 and the Dow Jones Industrial Average rose 0.27 per cent to 11,722.89 points.


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