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Banks, real estate shares weigh on UAE markets

Dubai stocks ended 5.5 percent lower to 2,076 points in its biggest single-day decline since August 17, falling back to its mid-September levels.

Emaar Properties was among the worst hit, falling 7.7 percent.
Shuaa Capital posted the biggest loss, 9.7 percent, after disclosing a third-quarter loss.

Abu Dhabi's market fell 3.4 percent, led by banks and property stocks.

Union National Bank plunged 10 percent, its biggest decline since June 23.

Saudi stocks bucked the regional downward trend, with the index gaining 0.7 percent to 6,314 points, partly recovering from the previous day's slide.

Heavyweights Saudi Basic Industries and Riyad Bank climbed 1.6 percent and 1.1 percent respectively.

The all-share index on Saturday suffered its sharpest one-day fall since June on lower oil prices and amid concerns about the global economy's pace of recovery.

Stock markets in Qatar, Kuwait, Oman and Bahrain all ended in negative territory, as Gulf Arab investors offloaded shares, sending markets steeply lower.

Qatar's index fell 3.5 percent to 6,889 points, with almost all stocks trading lower.

Heavyweights Industries Qatar and Qatar National Bank retreated 4.5 percent and 3.2 percent.

Trading in Oman is more mixed than in other markets, as Omantel and Bank Dhofar gained 0.8 percent and 1.7 percent.

However, Oman's index fell 1.3 percent.

Kuwait's benchmark ended 1.7 percent lower, as Zain declined 5.2 percent.

Bahrain's stockmarket dropped 0.6 percent.

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