Real estate and bank stocks bring down Dubai and Abu Dhabi markets

Dubai: Dubai's main index closed 1.63 per cent lower at 2,907 points, weighed down by bank and real estate stocks.

Emirates NBD and Dubai Islamic Bank ended 4.72 per cent and 1.22 per cent lower respectively.

Emaar Properties and Union Properties fell 1.14 per cent and 1.96 per cent respectively, while mortgage lender Tamweel slipped 4.52 per cent.

In Abu Dhabi, the benchmark ended 0.55 per cent lower at 3,357 points, with banks and real estate companies also among the index's top heavyweight losers.

Abu Dhabi Commercial Bank declined 4.01 per cent, while Sorouh Real Estate lost 3.21 per cent.

Kuwait's main index closed 1.88 per cent lower at 9,681 points as major bluechips are hit by investor concerns over the fallout from the global financial crisis.

Qatar's main index ended 0.95 per cent lower at 7,222 points.

In Bahrain, bank stocks are the hardest hit with Gulf Finance House and Bank of Bahrain & Kuwait lost 9 per cent and 6.25 per cent respectively.

The benchmark ended 1.06 per cent lower at 2,207 points.

Saudi Arabia's main index edged higher, lifted by shares in Saudi Basic Industries Corp, which gained 2 per cent.

Oman's main index closed 0.74 per cent lower at 6,564 points, weighed down by bank and telecoms stocks.