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Mon 15 Apr 2013 10:49 AM

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Dubai stock market slips from 40-month high

Investors book gains in Dubai Islamic Bank while trading is muted on other Gulf markets

Dubai stock market slips from 40-month high
UAE stock exchange, Dubai bourse

Dubai's measure slipped in early trade as investors booked gains in Dubai Islamic Bank after the lender posted first-quarter results, while trading was muted on other bourses.

Shares in DIB fell 4.7 percent, trimming 2013 gains to 24.4 percent. The lender posted a 17 percent rise in profit.

Gulf Navigation and builder Arabtec shed 1.6 and 0.5 percent respectively.

Dubai' index retreated 0.2 percent to 1,970 points, easing away from Thursday's 40-month closing high.

Elsewhere, Abu Dhabi's measure slipped 0.2 percent to 3,127 points, but was up 19.3 percent year-to-date. Trading was muted as investors await companies' earnings to justify the recent rally.

In Kuwait's the benchmark declined 0.4 percent to 6,934 points, extending declines since Thursday's 26-month high.

Qatar's measure declined 0.2 percent to 8,367 points, while Oman's bourse bucked the regional trend and ticked up 0.1 percent to 6,269 points.

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