UAE stock markets continue to tumble

Last Updated: Tuesday, December 8, 2009 - 13:43

Dubai: The Dubai stock market fell 5.41 percent in early Tuesday trading while Abu Dhabi`s exchange posted a 1.13 percent decrease, continuing Monday`s trend of declines in both bourses.

On Monday, the Dubai Financial Market closed down 5.84 percent while the Abu Dhabi Securities Exchange ended trading with a 1.68 percent decline.
The Kuwait market also showed small losses on Tuesday, opening 0.10 percent down, following a 0.79 percent decrease on Monday.
Both the Dubai and Abu Dhabi markets suffered heavy losses last week over Dubai`s debt troubles but recovered marginally on Sunday.

The Dubai index plunged 12.5 percent over a two-day trading period last week, while Abu Dhabi`s slumped 11.6 percent.

The sharp falls came after Dubai on November 25 requested a freeze of payments on the debt of its largest conglomerate, Dubai World, which is liable for 59 billion dollars.

PTI



First Published: Tuesday, December 8, 2009 - 13:43

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