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Wed 26 Sep 2012 12:45 PM

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Dubai drops to two-week low; property-related stocks drag

Dubai's bourse falls to a two-week low with investors booking gains in property-related stocks, while other Gulf markets are flat to lower

Dubai drops to two-week low; property-related stocks drag
Dubais bourse falls to a two-week low with investors booking gains in property-related stocks, while other Gulf markets are flat to lower as global risk-off attitude spills over.

Dubai's bourse falls to a two-week low with investors booking gains in property-related stocks, while other Gulf markets are flat to lower as global risk-off attitude spills over.

Emaar Properties is the main drag on Dubai's measure, falling 2.5 percent.

Contractor Arabtec drops 4.4 percent, down for a sixth straight session to hit a seven-month low. Investors are expecting weaker third-quarter numbers amid cyclical slower construction during the summer months.

The index loses 1.4 percent to 1,569 points, its lowest level since September 13.

"If the index breaks the 1570 level, it will head to the 1540 level and start trading outside the uptrend channel," MENA Corp says in a note. "Breaking the 1,620 level will take it to 1,660."

Abu Dhabi's measures trades near-flat, ticking up 0.04 percent to 2,607 points. Dana Gas falls 2.3 percent. The energy firm's board meets on Wednesday to discuss projects in Egypt and Iraq, where it faces delayed payments.

Elsewhere, Kuwait's benchmark slips 0.3 percent to 5,910 points, down from Monday's three-month high. Qatar's index eases 0.2 percent to 8,535 points, while Oman's market trades flat.

Asian shares and commodities fell on Wednesday as investors turned their back on perceived stimulus effects from central bank easing, focusing instead on Europe's fiscal challenges as Spain faces bitter protests against budget austerity measures.