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Sun 15 Nov 2009 09:58 AM

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Kuwait's Zain slumps to new 24-week low

UPDATE 8: Kuwaiti index drops while Air Arabia shares weigh on Dubai's stock market.


Zain

fell 3.9 percent to a 24-week low, further weighing on Kuwait's index, which declined for the fifth session running.

The benchmark dropped 2 percent to 6,918 points, a fresh seven-month low.

Zain

, which is slated to report earnings later on Sunday, slipped to its lowest close since May 31 and has declined in three of the past four sessions.

Burgan Bank

, under threat of suspension unless it releases its quarterly earnings by 8.30am local time on Monday, fell 4.1 percent, while
Boubyan Bank

plunged 5.1 percent.

Disappointing corporate results also contributed to negative sentiment in Kuwait.

Dubai's main index ended lower for a second trading day, reversing early gains as
Air Arabia

weighed.

The measure slipped 0.1 percent to 2,164 points.
Air Arabia

fell nearly 2 percent after warning of significant short-term challenges and reporting its first-ever drop in net profit.

Property stocks also traded lower, with
Deyaar

falling 1.4 percent.

Abu Dhabi's benchmark climbed 0.2 percent to 2,973 points, led by the banking sector.
National Bank of Abu Dhabi

advanced 1.9 percent.

Saudi Arabia's index ended lower for the first session in three as investors booked profits from the previous day's week-high.

Al-Rajhi Bank fell 1.6 percent after advancing 2 percent on Saturday, while Saudi Telecom Co slipped 0.6 percent.

Rabigh Refining and Petrochemical Co also declined, ending 1.1 percent lower.

The index fell 0.4 percent to 6,272 points. Its trading volumes were the second-lowest of the past two months.

Qatar stocks dropped 1.9 percent to 6,722 points.
Qatar Islamic Bank

fell nearly 4 percent. Bahrain's index edged 0.6 percent lower to 1,460 points.

Bank Muscat

gained 2.8 percent, recouping some losses from last week, helping the index climb 0.5 percent to 6,330 points.

Omantel

rose 0.9 percent, while Raysut Cement Company fell 0.8 percent.

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