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Qatar Telecom shares slip amid a lower third quarter profit

The Qatar Exchange Index ended 0.76% lower at 8,529.29 points. Al Ahli Bank posted the largest advance, closing up 5.42% at QR75.90, but the majority of the financial shares declined in value. Qatar Telecom or Qtel disclosed its interim financial statements for the period ending September 30, 2011. The interim financial statements revealed for the third quarter a net profit of QR567m, a 13% decline year-on-year. "Seasonal promotions and foreign exchange losses impacted Q3 2011 net profit," the firm said in a statement posted on the QE website. Qtel shares closed off 0.34% at QR146.50.