Property continues to affect UAE bourses

The property sector continues to weigh on shares as trading this morning saw early falls on the UAE's stock exchanges.

The Dubai bourse fell in early trading this morning as the property sector put pressure on stocks.

In a reverse of yesterday's positive gains, the Dubai Financial Market (DFM) fell 1.06 per cent to 1692.47 points.

Meanwhile, the Abu Dhabi Securities Exchange Index gained 0.84 per cent to 2754.78 points.

Emaar contributed to the fall in Dubai, as its shares dropped 0.03 per cent to Dh3.75. Dubai Islamic Bank also slipped 0.02 per cent while Arabtec inched 0.03 per cent lower to Dh1.89.

The Abu Dhabi exchange was little changed, with Etisalat making the only positive gain, as the telecoms company's shares rose 0.75 per cent to Dh10.95. The stock has fallen 7.6 per cent since mid-October.