Dubai: The stock markets were in the negative terrain across the United Arab Emirates on Monday led by the Dubai bourse which plunged six per cent, as investors awaited details about the extent of the Dubai World burden.
Led by real estate developer Emaar, which crashed about 10 per cent, the Dubai market fell nearly six per cent. The Emirate's benchmark DFM Index closed at 1,744.83 points.
The negative sentiment was visible on the Abu Dhabi and Kuwait stock exchanges too. While the General Index in Abu Dhabi fell 1.73 per cent to 2,626.95 points, Kuwait's Market Index declined almost one per cent to 6,678.90 points.
However, the Qatar Exchange managed to gain over one per cent, with the country's benchmark index climbing 1.06 per cent to 7,132.26 points.
The crisis in the Gulf region unfolded late November after Dubai World, a conglomerate owned by the Dubai government, sought six months additional time to repay its debts worth USD 59 billion.
Following the news, world markets had gone into a tizzy as investors were concerned about the sustainability of the nascent global recovery.
Dubai World is currently looking to restructure debts to the tune of $26 billion.
The markets after following Dubai Department of Finance head Abdulrahman al-Saleh said that Dubai World could sell some assets in the UAE to repay its debts.
Dubai World is reported to be meeting its creditors on Monday to discuss debt restructuring plan.
Comments
0 comment