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Mon 14 Sep 2009 10:36 AM

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Property stocks lead UAE bourses lower

UPDATE 6: Emaar falls 3.8% and Sorouh loses 4.3%, while Etisalat eases 0.4%.

Property shares led Dubai and Abu Dhabi lower as both indices fell for a second day and closed below key support levels amid regional weakness in bourses.

In Dubai,
Emaar Properties

declined 3.8 percent as the emirate's index closed 1.8 percent lower at 1,993 points, breaking below support at 2,000 points late in the trading session.

Sorouh Real Estate

lost 4.3 percent to help guide Abu Dhabi's benchmark 0.8 percent lower to 2,994 points, below the 3,000 level.

Emirates Telecommunications Corp (Etisalat)

eased 0.4 percent after it said it bid to buy Millicom's Sri Lanka assets.

Banks lead Qatar's benchmark lower for a second trading day in five as the bourse fell in line with a regional sell-off prompted by weakness in Asian shares and oil, and profit-taking ahead of the Islamic Eid holiday.

Qatar National Bank

and
Qatar Islamic Bank

declined 1.2 and 0.9 percent respectively.

The index ended 0.8 percent lower at 7,075 points.

Bahrain's bourse bucked the negative trend, ending 0.3 percent higher at 1,519 points after three days of declines.

Boubyan Bank

fell 4.8 percent to lead Kuwait's index lower as part of a regional bourse sell-off sparked by weakness in Asian shares earlier on Monday.

Kuwait's benchmark closed 0.4 percent lower at 7,651 points, falling for a sixth trading day.

Saudi Arabia's bourse reversed earlier losses to end 0.1 percent higher at 5,821 points, led by Arab National Bank which climbed 1.6 percent.

The kingdom's benchmark rose for a third trading day.

Banks lead Oman to a lower close for a third session in eight trading days, on profit-taking after the index surged to a 10-month closing high on Sunday.

Bank Sohar

fell 1.9 percent and
National Bank of Oman

1.2 percent. Muscat's main index ended 0.3 percent lower at 6,555 points. Reuters)

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