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Wed 8 Jul 2009 10:14 AM

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Dubai index slumps to seven-week low

UPDATE 8: Stocks tumble on worries over Q2 results, falling oil prices.

Dubai's index slumped to a seven-week closing low as stocks tumbled on worries over second-quarter results, falling oil prices and a worsening global economic outlook.The benchmark fell 3.4 percent to 1,699 points, its lowest close since May 21.

Emaar Properties fell 7.3 percent to take its losses to 25.2 percent since announcing merger plans late last month.

Dubai Financial Market dropped 7.4 percent and Deyaar slid 4.1 percent.

Commercial Bank of Dubai (CBD) was the only stock to advance after the lender said it was not exposed to troubled Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Bros.

CBD climbed 4.5 percent after 2,835 shares changed hands.

Abu Dhabi's index closed lower for the fourth straight session as energy and property stocks weighed.

The benchmark fell 1.4 percent to 2,581 points.

Aldar Properties and Sorouh Real Estate lost 3 and 3.8 percent respectively.

Abu Dhabi National Energy Co (Taqa) fell 4.8 percent and Dana Gas dropped 3.8 percent. Qatar's index made its largest one-day decline for three weeks, ending lower for the fourth straight session.

The benchmark fell 3.6 percent to 5,892 points, a nine-week low.

Industries Qatar plunged 7.2 percent, Qatar Gas Transport Co (Nakilat) lost 6.4 percent and Barwa Real Estate dropped 6.4 percent. Losers outnumbered gainers 19 to one.

Kuwait's measure closed lower for a fourth trading day, falling 0.3 percent to a nine-week low of 7,612 points. Volumes fell by more than half from Tuesday.

Zain dropped 3.5 percent and Kuwait Finance House lost 1.7 percent, but banks supported.

Al Ahli Bank climbed 3.2 percent to be the biggest gainer among Kuwait's lenders.

Bahrain's index bucked the negative trend to end higher, edging up 0.2 percent to 1,573 points.

Sliding oil prices and growing doubts over the global economy sent Oman's index to a five-week closing low, its fourth straight reverse as all active stocks declined.

The benchmark fell 1.8 percent to 5,511 points, its biggest one-day loss since May 11.

Bank Muscat dropped 3.2 percent and Galfar Engineering plunged 6.9 percent.

Oil was down 1.1 percent at $62.23 as doubts grew about the world economy.

Dar Al-Arkan was among the major losers as Saudi Arabia's index ended lower for the second session in three after the property developer announced plans for a 50 percent bonus share issue.

Dar Al-Arkan fell 1.8 percent. Saudi Basic Industries Corp (SABIC) dropped 4.3 percent to 56 riyals as falling oil prices scared investors, with many opting to close positions on the final trading day of the week.

The index fell 0.8 percent to 5,413 points. (Reuters)

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