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Thu 22 Oct 2009 10:36 AM

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UAE markets end down tracking weak sentiment on global markets

UPDATE 4: Both indexes fall for fourth session in five.

Markets in Dubai and Abu Dhabi both fell for the fourth session in five, tracking weak sentiment across global stock markets.

Abu Dhabi's main index posted a 1.2 percent decline to 3,120 points, despite minor gains in some bank stocks, including
First Gulf Bank

, which reported a 9.4 percent rise in Q3 profit on Wednesday.
Abu Dhabi Commercial Bank

was a major drag, falling 3.2 percent.

Dubai's benchmark fell 0.6 percent to 2,244 points after a late rally helped it recover from an intraday low of 2,206.

Emaar Properties

was the only stock to rise on Dubai's index, edging 0.2 percent higher.

Qatar's index ended lower amid a regional sell-off, slipping to its lowest close since September 16.

The main index fell 1.2 percent to 7,285 points.

Banks were among the worst performers, like elsewhere in the region.

Qatar National Bank

shed 1 percent.

Barwa Real Estate

climbed 1.7 percent after reporting a rise in nine-month profit.

Kuwait's benchmark retreated 0.6 percent to 7,608 points, its lowest level since July 21.

Bahrain's measure fell 0.5 percent to 1,558 points.

Banks in Oman, led by
Bank Muscat

, ended lower, weighing on the main index.

Oman's benchmark gave up early gains and edged 0.3 percent lower to 6,609 points.

Bank Muscat

fell 3 percent, while
Bank Dhofar

and
Bank Sohar

dropped 1.1 and 1.8 percent respectively. (Reuters)

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