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Tue 12 Aug 2008 03:44 PM

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Emaar shares plunge amid market woes

Middle East's largest property developer has another day to forget for exchanges in the Gulf.

Four Gulf indices ended Tuesday in the red with Emaar Properties leading the decline in Dubai, where the Dubai Financial Market closed below 5,000 points for the first time since October 2007.

The Middle East's largest real estate developer fell 3.03 percent to DH9.60, its lowest close since April 2005, on continued concerns over the sustainability of the region’s property prices.

Tamweel, the largest real estate finance provider in the UAE, fell 1.82 percent to 4,392.55 points.

The Dubai benchmark closed 1.98 percent lower at 4,943.89 points.

Elsewhere, a shift from the Gulf Arab region to rebounding western stock markets, geopolitical tension and easing oil prices weighed on sentiment.

Banks were the biggest losers in Abu Dhabi, with the National Bank of Abu Dhabi and First Gulf Bank dropping 5.24 percent and 5.23 percent respectively.

Kuwait ended 0.82 percent lower at 14,460.50 points, falling for a third trading session, led by Mobile Telecommunications Co (Zain), which declined 1.18 percent.

Gulf Finance House, which dropped 7.08 percent, dragged on the Bahraini index, which reversed early gains to end 0.58 percent lower at 2,693.47 points.

Muscat's main measure ended 3.79 percent higher, rising after five days of lower closes as investors sought bargains following recent sharp falls.

Oman Cables Co jumped 9.99 percent and Bank Muscat climbed 5.76 percent. Raysut Cement advanced 8.7 percent.

Doha also bucked the negative trend after a five day decline.

The Qatari index edged 0.1 percent higher to 11,030.66 points as gas transport company Nakilat climbed 2.69 percent and heavyweight Industries advanced 0.95 percent.

Saudi Arabian Fertilizers Co and Saudi Fransi Bank led the way as the kingdom's main index closed higher by 1.21 percent on 8,165.42 points

Saudi Arabian Fertilizers ended 5.96 percent higher and Saudi Fransi closed 2.49 percent up.

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