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UAE markets slide on realty stocks

The real estate sector pushed UAE markets lower on Sunday. (FILE)

By Reuters
UAE stock markets finished lower today, weighed down by lack of confidence in the real estate sector.

Dubai's Emaar Properties led the fall, plummeting by 8 per cent, dragging on the index, which finished 2.02 per cent lower at 1,478 points.

Emaar on Thursday had posted a loss of Dh 1.77 billion ($481.9 million) in the fourth quarter due to heavy US writedowns.

Abu Dhabi's main index ended 0.78 per cent down at 2,236 points. Arkan Building Materials Co lost 9.88 per cent, while Aldar Properties and Sorouh Real Estate declined 8.68 per cent and 9.13 per cent respectively.