Dubai's stock market has fallen for the second consecutive day on continuing fears about leading companies' ability to repay debts.The main Dubai Financial Market index fell 6.1%, after closing down almost 6% on Monday. Two weeks ago, Dubai World asked for a six-month delay on debt repayments. Credit agencies have since downgraded many leading Dubai companies. On Tuesday, credit agency Moody's downgraded six state-owned companies.
Dubai's stock market has fallen for the second consecutive day on continuing fears about leading companies' ability to repay debts.
The main Dubai Financial Market index fell 6.1%, after closing down almost 6% on Monday.
Two weeks ago, Dubai World asked for a six-month delay on debt repayments. Credit agencies have since downgraded many leading Dubai companies.
On Tuesday, credit agency Moody's downgraded six state-owned companies.
Share prices on Dubai's stock market have fallen to their lowest level in almost a year, a day after the country's investment arm lost a New York luxury hotel in a foreclosure auction. The Dubai Financial Market fell 6.54 per cent in early trading on Wednesday, while the securities exchange in neighbouring Abu Dhabi fell 2.41 per cent. Istithmar World, Dubai's investment company, said on Wednesday that the restructuring of Dubai World, its parent company, was not connected to its loss of the W Hotel in Manhattan in an auction on Tuesday
Share prices on Dubai's stock market have fallen to their lowest level in almost a year, a day after the country's investment arm lost a New York luxury hotel in a foreclosure auction.
The Dubai Financial Market fell 6.54 per cent in early trading on Wednesday, while the securities exchange in neighbouring Abu Dhabi fell 2.41 per cent.
Istithmar World, Dubai's investment company, said on Wednesday that the restructuring of Dubai World, its parent company, was not connected to its loss of the W Hotel in Manhattan in an auction on Tuesday
