Property not the hot stock today on UAE markets

Markets Update: Local markets slump on the open, led by declines in real estate stocks. Air Arabia also descends as a tropical storm in the Gulf of Mexico prompts a spike in oil prices.

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UAE stocks fell for a second day as real estate stocks edged back from gains made during Ramadan in early trading.

The Dubai Financial Market General Index fell 0.4 per cent to 1,566.20, while the Abu Dhabi Securities Exchange General Index lost 0.3 per cent to 2,591.85.

Tamweel, Drake & Scull International and Emaar Properties led declines in Dubai, while property stocks including Aldar Properties and Sorouh Real Estate also fell in the capital.

Asian markets made a mixed start as many of the world's biggest tech stocks priced in Apple's court victory over Samsung, with the Nikkei 225 rising 0.1 per cent to 9,085.39 and the Hang Seng Index off 0.4 per cent at 19,788.28.

The Korea Stock Exchange KOSPI index fell 0.1 per cent, led by a 7.4 per cent dip in shares of Samsung Electronics which made the biggest decline in the Asia-Pacific region. HTC, a rival smartphone manufacturer, also slumped 1.9 per cent in Taiwan.

Oil prices rose to snap three straight days of declines, with Brent crude futures rising $1.15 to $117.34 per barrel as European oil traders factored in potential supply disruption from Tropical Storm Isaac, currently bearing down on oilrigs in the Gulf of Mexico and threatening to hit New Orleans.

Air Arabia shares also fell as the price of oil rose, falling 0.6 per cent to 66 fils each.