Deyaar sets the pace for the morning markets

MARKET UPDATE: As traders largely booked profits ahead of the year end Deyaar Development bucked today's early trend for the property sector by recording a rise in its shares.

Deyaar Development broke free of a tough morning for property stocks across the local bourses, emerging as the only real estate interest to see a lift from the early trading.

Shares in the office and apartment developer, which was also one of the most actively traded stocks on the Dubai exchange, rose 0.3 per cent to Dh0.30.

But other construction companies, seen as heavyweights in the UAE market, continued to fall as traders booked profits to shelter themselves from risky positions ahead of the year-end.

The builder of the world's tallest skyscraper, Emaar Properties slipped 0.6 per cent to Dh3.57 and Arabtec moved 1.03 per cent lower to Dh1.93.

In Abu Dhabi, Aldar Properties, the developer of the Yas Marina circuit and Ferrari World retreated 1.3 per cent Dh2.27, Rak Properties fell 2.2 per cent to Dh0.45 and Sorouh Real estate was flat at Dh1.67.

The Dubai Financial Market (DFM) General Index gained 0.6 per cent to 1,653.47 points and the Abu Dhabi Securities Exchange slipped 0.3 per cent to 2,719.35 points.

European stocks are expected to open weaker after Moody's Investors Service put Spain's local and foreign-currency government bond ratings on review for possible downgrade, putting further pressure on the euro.

In Asia, shares in Japan weighed by a report showing a weak outlook for the country's manufacturing sector.

Japan's Nikkei was 0.1 per cent lower, while Hong Kong's Hang Seng Index lost 1.9 per cent.

Spot gold was at $1391.50 per troy ounce, down 1.04 per cent from its New York close Tuesday. January crude oil futures were down 0.8 per cent to $87.53 per barrel on the New York Mercantile Exchange.