MARKETS UPDATE: Traders looked to property heavyweights for a rare bright spot in a quiet open for the UAE markets
Aldar and Arabtec lead early trading on subdued market
Property heavyweights were rare gainers in a subdued open on UAE markets, as investors bought into Aldar Properties and Arabtec.
Arabtec rose 0.5 per cent to Dh1.97 and Aldar Properties ticked 0.8 per cent higher to Dh2.28.
But the mood across the rest of the market was muted as the Dubai Financial Market (DFM) General Index fell 0.2 per cent to 1,628.65 points and the Abu Dhabi Securities Exchange slipped 0.1 per cent to 2,703.29 points. Global markets were closed for the day and China's decision to increase interest rates for the second time since mid-October has yet to be felt.
Etisalat, the UAE's largest company by market capitalisation, was the top loser at the open in Abu Dhabi as it fell 0.5 per cent to Dh10.75.
Six stocks were up in the capital, led by Dana Gas, which gained 1.41 per cent to 72 fils. Ras al Khaimah Cement also rose 1.2 per cent to 87 fils and Aldar Properties increased 0.4 per cent to Dh2.27.
But in Dubai, property stocks weighed on the market. Union Properties slumped 1.08 per cent to 36 filled and Deyaar Development fell 1 per cent to 30 fils.