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Thu 26 Feb 2009 09:04 AM

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Etisalat boosts Abu Dhabi; Dubai falls

UPDATE3: Emirates Telecom jumps 9.59%, extending gains on news of 35% cash dividend and bonus shares.

Emirates Telecommunications Corp jumped 9.59 percent, extending gains for a third trading day after announcing a 35-percent cash dividend and bonus shares, lifting Abu Dhabi's index. Dubai's measure fell for a third day.Abu Dhabi National Energy Co (TAQA) rose 6.21 percent, extending gains into a fourth trading day, as the emirate's index ADI advanced 1.61 percent to 2,376 points.

Dubai's bourse DFM declined for a third trading day led by Mashreq and Emirates NBD, which slid five percent and 3.37 percent respectively.

The index eased 0.58 percent to 1,558 points.


Industries Qatar plunged 8.17 percent after its fourth-quarter profit dived more than 90 percent, leading the country's index lower by 6.02 percent.

Banks also guided the market lower as investors continued to sell shares following a recent Moody's report which highlighted its negative outlook for Qatar's banking sector.

Commercial Bank of Qatar fell 9.68 percent and Qatar Islamic Bank 5.87 percent.

The benchmark QSI suffered its largest one-day fall since Jan. 21. and ended at 4,438 points. Bahrain and Oman:Bahrain's bourse dipped 0.07 percent to 1,577 points.

Raysut Cement ended 10 percent higher on expectations the firm will announce a 2008 dividend that pleases investors, leading the Muscat bourse to a higher close for a second trading day.

Oman Cables Co also jumped 8.51 percent.

The benchmark MSI ended 0.99 percent higher at 4,853 points.

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