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Tue 24 Feb 2009 10:12 AM

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Saudi's SABIC tumbles to multi-year low; Dubai dips

UPDATE 5: DFM down as investors sell on profit-taking amid weak global cues.

Saudi Arabia's benchmark TASI ended 4.63 percent lower, tracking sharp falls in stock markets in the US overnight and Asian bourses on Monday.

Al Rajhi Bank and Saudi Basic Industries Corp (SABIC) led the decline falling 8.04 percent and 9.66 percent respectively.

The kingdom's bourse ended at 4,531 points.


Dubai's benchmark DFM ended 3.82 percent lower on profit-taking, led by Mashreqbank, which declined five percent, while Abu Dhabi ended higher powered by Emirates Telecommunications Corp (Etisalat).

Dubai's bourse ended at 1,589 points after rising for five of the last six trading days.

In Abu Dhabi, Etisalat rose 4.85 percent after proposing a 35 percent cash dividend for the second half of 2008, and a 1-for-10 bonus share issue.

Taqa climbed 9.68 percent and Bank of Sharjah surged 10 percent. It posted a fourth quarter profit of about 69.47 million dirhams.

Abu Dhabi's index ADI climbed 1.74 percent to 2,338 points.


Kuwait's Zain and National Bank of Kuwait ended 4.35 percent and 5.15 percent lower as the country's bourse fell on uncertainty over the government's rescue package.

Kuwait's index KWSE was off 1.12 percent at 6,444 points.

Qatar:Commercial Bank of Qatar fell 3.78 percent dragging the country's index QSI 1.57 percent lower to 4,790 points, reversing earlier gains.

Oman and Bahrain:Bank Muscat ended 5.63 percent lower and National Bank of Oman fell 4.32 percent to lead Oman's bourse to a lower close.

The index MSI fell 1.19 percent to 4,802 points, reversing gains earlier in the day.

Bahrain's main measure BAX eased 0.33 percent to 1,587 points. (Reuters)

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