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Thu 10 Nov 2011 10:33 AM

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UAE property stocks weigh; Qatar slips

Shares in Dubai's Emaar slipped 2.2%, accounting for almost half the volumes on the index

UAE property stocks weigh; Qatar slips
Property stocks weighed down Dubai and Abu Dhabi indexes

UAE markets edged lower in thin trade with Emaar Properties the main drag on Dubai.

Shares in the developer slipped 2.2 percent, accounting for almost half the volumes on the index.

The benchmark declined 0.8 percent to 1,378 points, down in four of past six sessions.

Property stocks also weighed down the UAE capital's index. Aldar and Sorouh dipped 1.9 and 3 percent respectively.

The index eased 0.06 percent to 2,482 points, down 2 percent so far for the quarter.

"Most stock holders are convinced that prices are unjustifiably hammered, but none of them on the other hand are willing to be an anchor trader (the first to step in)," said Talal Touqan, head of equity research at Al Ramz Securities. "They would rather see material catalyst before they go long again."

Elsewhere, Qatar's benchmark fell 0.5 percent to 8,658 points, down from Wednesday's six-month high.

Heavyweight Qatar National Bank slipped 0.7 and Masraf Al Rayan shed 1.7 percent.

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