Real estate drives early trading on UAE bourses

Heavyweight real estate shares drove early trading as stock markets in the Emirates opened for business today.

The Dubai Financial Market (DFM) General Index lost 0.2 per cent to 1,713.24 points and the Abu Dhabi Securities Exchange rose 0.1 per cent to 2,743.00 points.

Leading stocks in Abu Dhabi were Aldar Properties, which rose 4.8 per cent to Dh2.38, the highest point in over a month and Sorouh Real Estate increased 2.9 per cent to Dh1.73.

But in Dubai, property stocks dragged on the market as Emaar Properties fell 0.8 per cent to Dh3.77 and Arabtec fell 0.5 per cent to Dh2.11.

Asian stocks fluctuated on speculation that China will raise interest rates to stem inflation.

China's Hang Seng Index slipped 0.8 per cent to 23,222.07 points. It has fallen seven per cent since November 8 and the MSCI Asia Pacific Index slipped 0.8 per cent to 132.59.

But the Nikkei rose 0.9 per cent to 10,232.33 points.

Oil declined for a second day in a row as concern Europe's debt crisis is spreading drove speculation fuel demand will drop.

Crude slumped 1.05 per cent to $87.65 dollars a barrel on the New York Mercantile Exchange.

The dollar extended a three-day winning streak as it rose to $1.3223 per euro.