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MENAFN - Khaleej Times - 12/07/2012

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(MENAFN - Khaleej Times) Tamweel, the Dubai-based mortgage lender, on Wednesday dragged the emirate's main index, which ended lower for a fourth day.

Tamweel dropped 3.1 per cent, its lowest close since July 3. The lender's second-quarter net profit dipped to Dh18.6 million, down 33 per cent from the year-earlier period.

The benchmark index fell 0.55 per cent to 1,480.18 points, a nine-day low. Abu Dhabi's main index finished 0.4 per cent lower at 2,465 points.

Aldar Properties and Sorouh Real Estate were the main dragger, dipping 0.9 and one per cent, respectively.

In Qatar, the index ended 0.4 per cent lower at 8,242 points. Large-caps weighed, with Qatar National Bank and Industries Qatar each dropping 0.6 per cent.

"Industries Qatar has a strong investment case based on diversified operations... and limited gas price risk," SICO Investment Bank said in a research note.

Elsewhere, Kuwait's bourse ended 0.3 per cent higher at 5,868 points.

 






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