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Tue 22 Jan 2008 09:11 AM

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Political crisis drags down Lebanon stocks

BLOM index falls 2.7% with real estate firm Solidere leading decline as crisis continues with no end in sight.

Lebanese stocks slid on Monday, dragged lower by diminishing prospects for an imminent end to the country's political crisis, traders said.

The BLOM stock index fell 2.7% to 1,468.99 points with real estate market heavyweight Solidere's A share falling 5.2% to $21.91 and its B share going down 5% to $21.67.

Arab League secretary-general Amr Moussa left Beirut on Sunday without managing to broker an end to a political crisis that has paralysed the government and left the country without a president since November.

"The Lebanese market witnessed a decrease due to an increase in the political uncertainty," said Louis Karam, a senior investment adviser with Arab Finance Corporation.

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