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Thu 24 Sep 2009 10:31 AM

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Property stocks weigh on Abu Dhabi, Dubai

UPDATE 2: Emaar Properties falls 2.9% as Dubai's index drops 0.9%; Qatar declines.


Abu Dhabi Commercial Bank

, which fell 6.2 percent, and property stocks on Wednesday dragged down the main index on Thursday.

"The guidance they (
ADCB

) gave (on their exposure) is what was generally expected, but still more than the initial figure, so we were expecting some weakness," Ali Khan, managing director and head of brokerage at Arqaam Capital.

"Still, sentiment is positive in the long term as it remains positive as a turnaround stock," he said.

Abu Dhabi's benchmark closed 0.8 percent lower at 3,119 points.

Aldar Properties

shed 3.1 percent, while
Sorouh Real Esate

, one of the most actively traded stocks in today's session, fell 2.5 percent.

In Dubai, property stocks also hit the main index.
Emaar Properties

fell 2.9 percent.

Dubai Financial Market

, which recently posted strong gains due to merger speculation, retreated two percent.

The main index
DFM

fell 0.9 percent.

Qatar's index QSI declined in thin trade with bellwether
Industries Qatar

falling 1.3 percent.

The main index fell 0.5 percent to 7,426 points. (Reuters)

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