Debt crisis: UAE stock markets plummet

Posted By: Staff
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Dubai, Dec 8: The Dubai debt crisis continued to plague the United Arab Emirates (UAE) stock markets which traded in the red on Monday, Dec 8, reeling under selling pressure.

Dubai Financial Market General Index and Abu Dhabi Securities Exchange index both opened the day on the losing note and extended the losses through out the day.

With the investors withdrawing funds from the markets, financial and property firms took a beating.

Emaar plunged more than 30 per cent in the five trading sessions since Dubai debt crisis hit the headlines last week. Arabtec and Deyaar were the other big losers. Dubai Islamic Bank went down 9.91 per cent

With no news on Dubai World"s debt restructuring, Dubai"s DFM index saw a a 21-week low.

In Abu Dhabi, the ADX index shut shop 3.36 per cent lower at 2538.73 points. National Bank of Abu Dhabi lost 6.3 per cent and Aabar Investments slipped 5.3 per cent.

Dubai"s Nasdaq bounced back to minus 4.89 per cent after it touched minus 7 per cent during the trading session.

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