Dec 7, 2009
Dubai market slumps
DUBAI - THE main stock exchanges in the United Arab Emirates fell in early trading on Monday, with Dubai slumping by more than four per cent and Abu Dhabi dropping by 0.79 per cent.
The Dubai Financial Market fell to 1,776.76 points, a 4.12-per cent fall, a day after a rise of 1.18 per cent from last week. The Abu Dhabi Securities Exchange dropped slightly to 2,652.04 in early trading, after having closed up a hefty 3.89 per cent on Sunday at 2,673.12 points.
The Kuwaiti stock market was also down on Monday, dropping 0.19 per cent, to 6,719.6 points. It closed on Sunday at 6,726.2 points, a 0.5-per cent rise from last week.
Bucking the trend, Qatar's market rose 1.51 per cent, to 7,639.74 points. It closed at 7,057.39 on Sunday, 0.34 per cent up.
Both the Dubai and Abu Dhabi markets suffered heavy losses last week over Dubai's debt woes. The Dubai index plunged 12.5 per cent over a two-day trading period, while Abu Dhabi's slumped 11.6 per cent.
The sharp falls came after Dubai on Nov 25 requested a freeze of payments on the debt of its largest conglomerate, Dubai World, which is liable for US$59 billion. The request raised fears of a debt default by Dubai and sent jitters through global financial markets. The emirate's debts are estimated to total at least US$80 billion. -- AFP
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