Rising property stocks in Abu Dhabi could not help lift its bourse into positive territory on a day which saw UAE markets contract before the close of trading.
In Abu Dhabi Aldar Properties rose 1.4 per cent to Dh2.21 and Sorouh Real Estate gained 1.2 per cent to Dh1.63 on the day the company's chief operating officer said the developer had started an aggressive 'default avoidance' programme after seeing up to eight per cent of buyers on its Reem Islands project pull out of contracts. RAK Properties, which rose 2.2 per cent during intraday trading, closed flat at Dh0.45. However the Abu Dhabi Securities General Index closed marginally down at 0.05 per cent to 2,729.87 points.
The Dubai Financial Market (DFM) General Index dropped 0.3 per cent to 1,668.82 points as Emaar Properties slipped 0.8 per cent to Dh3.62, after rising 1.4 per cent earlier in the week as its chairman said the property sector will pick up.
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