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Sun 1 Nov 2009 10:26 AM

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Banks, real estate shares weigh on UAE markets

UPDATE 6: Saudi index is only Gulf market that ends in positive territory on day of falls.

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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